Opens a representative office due to rising Japanese investments.
Japan’s fourth largest megabank said it opened in its Phnom Penh Representative Office after it observed that Cambodia was an emerging country in Asia and its economy had seen stable growth in recent years.
It noted a number of Japanese corporations have expanded their businesses into Cambodia in the last couple of years and it is projected that more Japanese investors will come to Cambodia in coming years.
"By establishing the office here, the bank creates a framework to collect and provide information regarding Cambodia and strengthens our ability to support our customers as they consider entering and expanding their businesses in the Cambodian market,” said Takeshi Fukui, head of the representative office.
The National Bank of Cambodia, the central bank, said Cambodia currently has five foreign banks' representative offices, 34 commercial banks, seven specialized banks and 37 microfinance institutions.
Bilateral trade volume between Japan and Cambodia in 2012 came to US$641 million, up 25% year-on-year, said the Japan External Trade Organization.
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