Japanese financial firm J Trust is delaying plans to assume a majority stake at one of Cambodia’s leading commercial banks, ANZ Royal.
The acquisition of 55 percent of the bank’s shares was planned for this month, but J Trust announced last week that it will happen sometime from July to September.
In a statement published Friday, the Japanese firm said it is working with ANZ Royal to build a new online platform, train staff, and prepare to take over certain aspects of the business.
“The takeover was initially planned for May but we now aim to complete it during the second quarter of the current accounting year (from July to September). This will give us time to fully prepare for the transition without affecting customer service.
“We will release financial forecasts for the current year as soon as we can,” it said.
Last year, J Trust agreed to acquire 55 percent of shares in ANZ Royal as part of its expansion plans in Southeast Asia and its desire to focus on digital banking to boost its offer of financial services in Cambodia.
ANZ Royal was established in Cambodia in 2005 as a joint venture between ANZF and Royal Group Finance, a subsidiary of the Royal Group of Companies.
J Trust Group, founded in Japan more than 40 years ago, has been focusing on M&As in banks and financing companies.
The company said that it is confident that its financial expertise in retail finance acquired in Japan, South Korea, and Indonesia will contribute greatly to ANZ Royal’s growth.
“After the acquisition, the company will continue to grow the current business of ANZ Royal through expanding the retail finance business and its target market to the more substantial and higher growth segments.
“Furthermore, the company will aim for further business expansion by leveraging the group’s distinctive debt collection expertise, development of leasing and other new products and strong network and relationship with large Japanese corporates,” it said.
Royal Group said that J Trust will significantly contribute to the development of Cambodia’s financial sector.
“Royal Group firmly believes that J Trust is an excellent partner and will continue on from ANZ to support the bank’s clients as they continue to expand,” it said in a statement.
“Cambodia’s economy will continue its impressive growth and J Trust along with Royal Group will be actively involved in assisting this growth with the bank’s existing product portfolio and introducing a new range of products to meet market requirements,” it added.
Besides Cambodian, J Trust has operations in Japan, South Korea, Indonesia and Thailand, providing a wide range of financial products.