“We decided to buy a stake in UCB, rather than set up a branch in
Cambodia after discovering that USB shares similar ideas about business
development with E. Sun Bank,” E. Sun Financial president Joseph Huang (黃男州) told
reporters at the Taiwan Stock Exchange.
Created in 1994 in the Cambodian capital, UCB has five branches focused
on savings, lending and credit card businesses, Huang said.
UCB had US$330 million in assets as of December last year, the
eighth-largest bank in Cambodia with a market share of 3.2 percent, Huang said.
“E. Sun Bank intends to copy its business model in Taiwan at the
Cambodian lender to help boost its financial proficiency and scale of
economies,” he said.
The investment came as bank-oriented E. Sun Financial seeks to
expand its service network in Asia, after establishing branches in Singapore
and Dongguan, China, last year.
The conglomerate also plans forays into Vietnam, Myanmar and
Australia to take advantage of the region’s rapid economic growth.
The deal still needs to be approved by the regulators in Taiwan
and Cambodia, Huang said.
Earlier this month, E. Sun Financial said it is looking to
increase its loan book and fee income by a double-digit percentage this year,
driven mainly by a thriving credit card business and better ties with small and
medium-sized enterprises.
The company posted NT$7.06 billion in net profits last year, more
than double the level in 2011, as its focus on the mass market paid off, a
company report said.
Source: http://www.taipeitimes.com/News/biz/archives/2013/03/23/2003557740
