One of one of the largest commercial banks in Taiwan continues its expansion in Southeast Asia.
Cathay United Bank will acquire 70% of Singapore Banking Corporation, Ltd. based in Cambodia. The move will mark Cathay United’s entry into Cambodia and will make it SBC's biggest shareholder. Founded in 1993, SBC has and has six operational points in Cambodia.
With the buy-in, Cambodia becomes Cathay United's second most important overseas market after Vietnam.
Cathay United hopes to replicate its success in neighboring Vietnam where it earns some US$20 million annually through a subsidiary. Its earnings from Vietnam are the highest among the bank's foreign operations.
The profitable results from banking operations in Cambodia have drawn the attention of Taiwanese banks. The Cambodian subsidiary of another Taiwanese bank, First Commercial Bank, became profitable after just one year.
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