S. Korea’s Daegu Bank acquire Cam Capital for $63mn

Daegu bank has acquired 100% stake in Cam Capital Specialized Bank for $63mn, Korean media reported yesterday. The South Korean bank’s acquisition of Cambodia’s second largest specialized bank in terms of assets marked its third oversea investment after expanding into China and Vietnam. Cam Capital was established in 2009 and operates five branches with 260 employees. As of the end of last year, the bank’s assets stood at $86.5mn and had earned a net profit of $3.4mn, according to the NBC’s annual report. This would not be the first time that Korean financial institutions have invested in Cambodian banks. In 2014, the South Korean lender Woori Bank snatched up the Cambodian MFI Malis Finance for $4.9mn. Last year, Jeonbuk Bank—subsidiary of JB Financial Group—purchased a 50% stake in Phnom Penh Commercial Bank. (Source: Phnom Penh Post)