PHNOM PENH, Jan. 15 (Xinhua) -- Amret, one of the leading microfinance institutions in Cambodia, said on Wednesday that Bank SinoPac has successfully completed the acquisition of 80 percent of its equity.

"Bank SinoPac now holds the majority shareholding in Amret," said an Amret's news release. "This acquisition delivers on Bank SinoPac's ambition to expand further into Southeast Asia in recognition of the growth potential of the region."

Amret is a key player in the Cambodian financial sector with a network of 150 branches and more than 630,000 clients.

Amret Chief Executive Officer Dinn Dos was delighted to officially welcome Bank SinoPac to Cambodia in its new capacity as the main owner of Amret.

"Bank SinoPac has been a long-term lender to Amret, so we have already enjoyed an established relationship and have long recognized our shared values," he said.

In May 2024, Bank SinoPac announced it would acquire 80 percent of the equity of Amret in the first tranche for approximately 435 million U.S. dollars, followed by two further tranches of 10 percent each, at the end of the first year and second year, respectively.

Cambodia currently has 59 commercial banks, nine specialized banks, 87 microfinance institutions, and 115 rural credit institutions, according to the National Bank of Cambodia (NBC), or the central bank. Enditem

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