Subsidiary of SinoPac Financial Holdings (2890)Bank Fung WingYesterday (4) the board of directors decided to acquire 100% of the equity of AMRET Plc., Cambodia’s largest micro-deposit financial institution, in three stages In the first stage, it will acquire 80% of the shares for US$435 million , about NT $14.1 billion. The remaining 20% of the equity will be acquired in installments over the next two years, with the total acquisition scale reaching 15.4 billion yuan.
This is the second time SinoPac Bank has established a new beachhead in the ASEAN market after converting its investment in the Vietnam branch of the US Far East National Bank (FENB) into a branch.
AMRET has a total of 150 locations in Cambodia This acquisition will significantly increase the number of SinoPac Bank overseas locations from the current ten It is also the largest acquisition of a Cambodian financial institution by the Taiwanese financial industry, and will enable Bank SinoPac to “sprint on overseas earnings” The strategic goal of “expanding overseas plan” has taken a big step forward.
Overview of SinoPac Bank’s acquisition of Cambodian AMRET/provided by Economic Daily
SinoPac Bank’s board of directors approved the acquisition yesterday, and held a major press conference at the stock exchange in the evening to explain the merger and acquisition.
Zhuang Mingfu, general manager of Sino-Fung Bank, noted that the more than 10 billion money for the acquisition of AMRET will be paid with cash on the account of Sino-Fung Bank After the board of directors approves the acquisition, it will will be submitted to the competent authority as soon as possible The first phase of the acquisition is expected to be completed as soon as AMRET is incorporated as a subsidiary of Sino-Fung Bank to expand Sino Bank’s overseas footprint -Fung.
Xu Rumei, spokesperson and chief financial officer of SinoPac Financial, pointed out that AMRET currently has a largeshareholderAs an internationally renowned development finance institution, including IFC (International Finance Corporation) and FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV), both affiliated with the World Bank, after Sino-Fung Bank became a shareholder holding 80 % of the shares, IFC and FMO will also become shareholders in the next two years Continuing its status as a shareholder and partner, it cooperates with Sino-Fung Bank to gain valuable experience in ESG investment and rights protection customers, strengthen the energy of ESG, and expand its positive influence in sustainable finance.
Xu Rumei said that by the end of 2023, AMRET has 150 operating locations in 24 provinces in Cambodia, with total assets of about US$2 billion. The total transaction price of 80% of the equity in the first phase of this acquisition is approximately US$435 million, with an additional 10% equity in the following two years.
AMRET has a complete range of traditional financial products and digital services In the future, after combining the resources and professional management capabilities of Sino-Fung Bank, AMRET can provide more diverse and convenient financial services and create higher value for customers.
Currently, the overseas branches of Sino-Fung Bank include Hong Kong, Kowloon, Macau, Ho Chi Minh City in Vietnam, the Los Angeles branch in the United States, the Nanjing Sub-branch of Sino-Fung Bank (China) and its three branches, and a representative office in Hanoi, Vietnam, with a total of ten locations. The merger and acquisition is complete AMRET will accelerate SinoPac Bank’s southward plan and penetrate the Cambodian market.
Sino-Fung Bank bought a Cambodian financial institution for RMB 15.4 billion and acquired 100% equity in AMRET in three stages
The board of directors of SinoPac Bank, a subsidiary of SinoPac Financial Holdings, decided yesterday (4th) that it will acquire 100% of the equity of AMRET Plc., Cambodia’s largest micro-deposit financial institution, in the first three phases. .
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