Japanese financial firm SBI Holdings Inc. has partnered with Ly Hour Microfinance Institution Public Co. to create SBI Ly Hour Bank Plc after it received its commercial banking license from the National Bank of Cambodia (NBC).
SBI Holdings, Inc.
SBI Holdings, Inc. was established in July 1999 and is listed company on the Tokyo Stock Exchange. The Group is headquartered in Tokyo, Japan and has approximately 260 companies over 20 countries around the globe.
The Japanese firm had previously operated in Cambodia and is re-entering the emerging after a four-year hiatus. SBI helped established Phnom Penh Commercial Bank in 2008 in partnership with South Korea’s Hyundai Swiss Group but pulled out in 2016 after selling its shares in the Phnom Penh bank.
In 2019 SBI Holdings Inc. acquired a 70 per cent stake from Ly Hour, chairman of Ly Hour Group, for $44.2 million. The newly licenced commercial bank still will retain its existing management group including especially Oknha Ly Hour, the Chairman of the Board of Directors.
Who are the Ly Hour Group?
Ly Hour Micro-finance Institution Plc. is a subsidiary of Ly Hour Group, which has 8 registered companies in Cambodia
- Ly Hour Exchange Co., Ltd (1986)
- Ly Hour Pawnshop Co., Ltd (2010)
- Borey Vimean Phnom Penh (2011)
- Tepi Agro Investment Co., Ltd (2011)
- Ly Hour Micro-finance Institution Plc. (2012)
- Ly Hour Leasing Plc. (2015)
- Ly Hour Paypro Plc. (2016)
- Ly Hour Insurance Plc. (2017)
SBI Ly Hour Bank Plc.
The new Cambodian bank says its “main target is to focus on the retail and SME Clients by developing advanced banking business that leverages the synergy of a strong local joint venture, is now looking for potential candidates.”
SBI Ly Hour Bank Plc, will start full operations in June 2020 with a grand opening but services may be available as soon as April 2020. They will offer retail banking and arbitrage loans as part of its commercial banking operations in the Kingdom.
An NBC 2019 Report revealed that there are 46 Commercial Banks, 15 Specialised Banks, 7 Microfinance Deposit-Taking Institutions, 75 Microfinance Institutions and other financial institutions offering financial services in the kingdom of Cambodia.