The Bank of Tokyo Mitsubishi UFJ will penetrate deeper into the Cambodian market with the launching of its representative office.
"With our office here, we will be able to strengthen the ability of information gathering, market penetration in order to support Japanese companies who want to do businesses in Cambodia," said Masato Miyachi, general manager of the bank's Asia and China Division.
He said that the bank's decision to open the office here was made after it observed that Cambodia's economy had seen stable growth in recent years and the interest in exploring Cambodia's market is increasing among Japanese companies.
The bank already has branch and representative offices in Thailand, Vietnam, and Myanmar.
Speaking at the event, Neav Chanthana, vice-governor of the National Bank of Cambodia, said the bank's presence here reflected Japanese investors' trust on Cambodia's banking industry and political stability.
So far, she said, Cambodia has 4 foreign banks' representative offices, 32 commercial banks, 7 specialized banks, 32 microfinance institutions and 29 rural credit operators.
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