APD | JTrust behind a schedule for its acquisition a bank in Cambodia

By APD writer Kin Ratha

PHNOM PENH, May 23 (APD) - Japanese financial firm JTrust will delays for another two months over the plan to take over the 55 percent of stake in Cambodia’s leading commercial bank ANZ Royal as planned in May of the year by moving until July-September this year.

According to the company announced on May 17, 2019, that now the Company is working with ANZ to newly construct an IT platform, provide the bank employees with the related training, and take/hand over various operations to be managed by the Company.

“We reviewed the initially planned May 2019 closing and aim to complete it in the second quarter of the current accounting year of the Company (July-September 2019) to fully prepare for the transition without adversely affecting customer service. We will release an impact on the financial forecasts for the current year as soon as we find it out,” it said.

In May 2018, J Trust had reached an agreement to acquire some 55 shares of the issued and outstanding common shares in ANZ Royal Bank (Cambodia) Ltd for its business expansion into South East Asia and to focus on digital banking to promote its financial services in Cambodia.

ANZ ROYAL is a commercial bank established in Cambodia in 2005, as a joint venture between ANZF and Royal Group Finance Co., Ltd., which is a subsidiary of Royal Group of Companies Ltd.

(ASIA PACIFIC DAILY)