Japanese bank tests Kingdom’s waters
CBRE were out to support the opening of Japan’s Sumitomo Mitsui Banking Corporation (SMBC) on the 14th February, 2012. SMBC has opened a representative office in Phnom Penh Tower, a building managed by CBRE, who among excellencies and other guests of notoriety welcomed the prestigious bank into the building and were all pleased to support the latest Japanese bid to expand investments and pursue interests in Cambodia’s still untapped markets.
Cambodia’s location at the heart of the Greater Mekong Sub-Region (GMS) is enticing to foreign companies, General Manager of Planning at SMBC Hiroshi Irie said.
“Japanese banks are now coming back to Cambodia after 45years. Cambodia is located in the centre of the GMS, which is a strategic position for trading in the region,” he said.
Chairman of the Japanese Business Association of Cambodia Hiromitsu Iwatate said that SMBC’s new opening reflected a growing trend amongst Japanese businesses looking to expands in Cambodia.
“Japanese companies have been increasing sharply in Cambodia over the last three years. It has risen from 50 companies [in 2009] to 100 now, even though the numbers remain small compared to Thailand and Vietnam.”
According to Suzuki Hiroshi President of the Business Research Institute for Cambodia (BRIC), the SMBC office will function primarily as an information office for Japanese investors.