HKL Thai bank bought more than $ 140 million

THE Bank of Ayudhya, Thailand, based in Bangkok, has achieved an agreement to acquire 100 per cent of microfinance HKL expected that would be worth up to $ 140 million.

According to a statement released yesterday confirmed the acquisition leading microfinance 4th Cambodia, which will pave the way for entering the lending sector, which is highly competitive and have a lot in Cambodia .

Hout Ieng Tong, president and CEO of HKL, said negotiations are under way, but it will be worth more than $ 140 million the US, the largest acquisition in the sector.

He said: 'We need to execute our expansion plans and are looking at new partners to do this.

He said that the HKL holdings of Bank of Ayudhya, which depend on the approval from the National Bank of Cambodia and can be 6 times months to complete and did not make a structural change.

He added that this new partnership will help accelerate the company's expansion plans. He said: 'The plan to recruit more staff because we need to expand this year.

He said: 'Our original plan will add 6 more branches, but with this new partnership, we can get a chance to expand more than 6 branches.

This is not the first deal for MFI. Woori Bank, based in South Korea bought MFI jasmine Nephi Annan at a price of US $ 4.9 million last 2014 reconstruction and announced a merger with its main shareholder is the Bank of Japan Maruhan Japan Bank and is expected to transformed into a commercial bank in 2016.

MFI has about 47 staff assigned to work more than 19 000 people in 2014, while the sector has a loan portfolio together US $ 2.02 billion in 2014, HKL has provided $ 364 million in loans and deposits 238 million US dollars by 2015.

Noriaki Goto, president and CEO of Bank of Ayudhya, said they would expand its own technical expertise to take advantage of the vacant position Farmers in this market.

He said: 'HKL acquisitions will push the bank to capture the growth opportunities are increasing the rapid development in the CLMV countries.

Bun Mony, president of the Cambodia Microfinance Association and CEO constructive microfinance, said the deal should be welcome news to the sector This is because it gives a signal that will provide competitive advantage to its customers.

He said: 'The purpose of the agreement as this will increase more and more services, and we believe that shareholders This will be good for the sector.

He added: 'We can see more and more banks would come here if the door is wide open for them.

HKL currently has a partnership with ANZ Royal Bank, allowing the former ANZ bank account customers use through a comprehensive branch network's tentacles farmers.

Grant Knuckey, CEO of ANZ Royal Bank, said the bank was aware of the search linked shares HKL.

He said: 'They are institutions that have worked well, so we really believe that this agreement will achieve. LA

ADDITIONAL REPORTING Chan Dara