Tokyo stock exchange listed company J Trust, a majority stake holder in one of Cambodia’s leading commercial banks – ANZ Royal, is planning to rename the bank as ‘J Trust Royal Bank’ in August.
The Group’s president and CEO, Mr Nobuyoshi Fujisawa, informed Cambodia’s Prime Minister Hun Sen on this development on the sideline of his four-day visit to Tokyo. The meeting – between the prime minister and company was held Thursday.
“We had acquired the stake from ANZ Royal, and we will work with Royal Group to help contribute towards financial services development in the country,” Mr. Fujisawa was quoted as saying in a statement.
ANZ Royal, a subsidiary of Royal Group owned by Tycoon Kith Meng, sold its 55 percent in stake to J Trust group last year, which is part of the Group’s expansion plans in Southeast Asia and its desire to focus on digital banking to boost its offer of financial services in Cambodia.
Mr. Hun Sen welcomed the move and applauded the firm for making the right decision to come and invest in the Kingdom.
Addressing hundreds of Japanese and international business representatives and potential investors, Mr Hun Sen, during his visit to Japan, praised the quality of Japanese investments and its positive impact on the Cambodian economy and society.