National Bank of Canada, the North American country’s sixth-largest commercial bank, announced last week that it has now full ownership of Advanced Bank of Asia Ltd (ABA Bank) after buying the remaining shares in the bank.
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The Montreal-based bank has paid $63 million to acquire the last 10 percent stake in ABA Bank, the Canadian Press reported early last week.
National Bank of Canada had purchased 90 percent of shares in the Cambodia-based bank in 2016.
The Canadian bank has now invested a total of $320 million in ABA Bank.
“National Bank is pleased with our investment in Cambodia, and we are keeping our moratorium in effect on any additional significant investment in emerging markets,” the National Bank of Canada said in a press release.
In a Financial Post’s article, National Bank of Canada’s president and CEO Louis Vachon said, “there are many reasons National Bank of Canada decided to invest in ABA and one of them is the future of Cambodia, as we saw a very bright future for the country and its people.”
ABA Bank listed corporate bonds on the Cambodia Securities Exchange in August, aiming to raise 84.821 billion riel (around $21 million) in the Kingdom’s capital market.
According to a company report, as of late July 2019, ABA’s total assets had reached $3.81 billion, making it the third-largest bank in the Kingdom.