[THE INVESTOR] Korean provincial lender DGB Daegu Bank has acquired a 100 percent stake in Cam Capital Specialized Bank in Cambodia for 71.6 billion won (US$63.21 million), the bank said in a regulatory filing on Oct. 18.

This is DGB’s third overseas investment following China and Vietnam. Some Korean banks have recently rushed to Cambodia seeing the immense potential in both retail and corporate banking.

 

In 2014, Woori Bank acquired Malis, a micro-financing company, while last year, Jeonbuk Bank -- a subsidiary of JB Financial Group -- bought a 50 percent stake in Phnom Penh Commercial Bank.

Cam Capital Specialized Bank was established in 2009, and operates five branches with 260 employees. As of this year, the bank’s assets stood at US$33.9 billion.

By Park Ga-young (gypark@heraldcorp.com)