Mizuho Bank, Ltd. (MHBK; Yasuhiro Sato, President and CEO) recently concluded a memorandum of understanding with Maybank (Cambodia) Plc. (Lee Tien Poh, CEO), a major commercial bank in the Kingdom of Cambodia. The memorandum covers a wide range of fields including commercial and investment banking.
Maybank (Cambodia) Plc. opened in 1993 as the Phnom Penh branch of Malaysia's largest local bank, Malayan Banking Berhad (Maybank), which has a comprehensive collaborative relationship with MHBK. Maybank (Cambodia) Plc. subsequently expanded its business with its customer base of corporations from Malaysia and Singapore, and converted into a wholly-owned local subsidiary of Maybank in April 2012. It continues to develop proactively including the opening of an office in December 2012 in the Phnom Penh Special Economic Zone, where many Japanese corporations are operating.
This memorandum of understanding aims to expand MHBK's support framework for Japanese corporations entering the rapidly-growing Cambodian market through the various financial services of Maybank (Cambodia) Plc., which has strengths in corporate finance. The Kingdom of Cambodia is positioned at a strategic point of the Southern Economic Corridor in the Greater Mekong Subregion, which also includes neighboring countries. In addition to its comparatively inexpensive labor force and logistical advantages, Cambodia also has few limitations through foreign capital regulations and foreign exchange laws, and implements proactive measures to attract foreign investment. With these and other factors as background, increasing numbers of Japanese corporations are entering Cambodia as a country with potential for rapid business development.
MHBK opened a representative office in Phnom Penh in July this year, and we have been providing information to Japanese corporations entering the Cambodian market. As a bank with a reputation for strength in the Greater Mekong Subregion, MHBK will use this memorandum of understanding to provide high-quality financial services to meet the diverse needs of our customers.
Maybank (Cambodia) Plc. opened in 1993 as the Phnom Penh branch of Malaysia's largest local bank, Malayan Banking Berhad (Maybank), which has a comprehensive collaborative relationship with MHBK. Maybank (Cambodia) Plc. subsequently expanded its business with its customer base of corporations from Malaysia and Singapore, and converted into a wholly-owned local subsidiary of Maybank in April 2012. It continues to develop proactively including the opening of an office in December 2012 in the Phnom Penh Special Economic Zone, where many Japanese corporations are operating.
This memorandum of understanding aims to expand MHBK's support framework for Japanese corporations entering the rapidly-growing Cambodian market through the various financial services of Maybank (Cambodia) Plc., which has strengths in corporate finance. The Kingdom of Cambodia is positioned at a strategic point of the Southern Economic Corridor in the Greater Mekong Subregion, which also includes neighboring countries. In addition to its comparatively inexpensive labor force and logistical advantages, Cambodia also has few limitations through foreign capital regulations and foreign exchange laws, and implements proactive measures to attract foreign investment. With these and other factors as background, increasing numbers of Japanese corporations are entering Cambodia as a country with potential for rapid business development.
MHBK opened a representative office in Phnom Penh in July this year, and we have been providing information to Japanese corporations entering the Cambodian market. As a bank with a reputation for strength in the Greater Mekong Subregion, MHBK will use this memorandum of understanding to provide high-quality financial services to meet the diverse needs of our customers.