MARUHAN Japan Bank spreads its wings wide
22 March 2012
Phnom Penh, Cambodia
MARUHAN Japan Bank, Cambodia’s first Japanese-owned commercial bank, has been in operation since 2008 and has already established a position as one of the leading banks in the country by providing global standard financial services.
The Bank is pleased to announce that it is spreading its wings wider by opening representative bank offices in Yangon, Myanmar and the Laotian business capital, Vientiane. This is part of MARUHAN Group’s new business strategy in the ASEAN region, which will utilise “MARUHAN INVESTMENT ASIA PTE. LTD.”, the group’s new office in Singapore, as a business hub to introduce its sophisticated services into rapidly developing ASEAN countries such as Cambodia, Laos and Myanmar.
MARUHAN Japan Bank was formed by the enormously successful MARUHAN Group, which is headquartered in Tokyo, Japan and provides employment to over 12,500 people, with the aim of supporting the strong bi-lateral ties between Japan and Cambodia. The Bank delivers products and services to the people of Cambodia that facilitate and encourage investment and contribute to the continuing growth and development of Cambodia. Since its launch in Cambodia, MARUHAN Japan Bank has set a fast pace in establishing itself as an industry leader and trailblazer within the banking sector. One of the Bank’s chief objectives is to ensure that Cambodians, and others doing business in Cambodia, have access to the kind of fully functioning and competitive regional banking networks that will support their business needs and goals in Cambodia, throughout the ASEAN region and beyond. This regional expansion is part of the Bank’s strategy to turn this vision into a reality.
Referring to the opening of the new offices in Myanmar and Lao PDR, MARUHAN Japan Bank’s General Manager, Mr. ONISHI Shizuo says, “We are incredibly proud to be the first Cambodian bank seeking the opportunity to support local and international commercial and financial links between Cambodia, Myanmar and Lao PDR and we are confident that this support will contribute to the development of these countries.”
He continues on the subject of the Bank’s regional expansion program, “We consider ourselves as the pioneers of the banking industry in Cambodia. Many of our Cambodian and Japanese customers are also pioneers in their own fields and are looking to capitalise on business opportunities throughout the ASEAN region and beyond. To support them we need to provide our state-of-the-art products, services and expertise in the areas they are looking to do business so that they know they can access the same superior levels of service, support and expertise as they receive from the MARUHAN Japan Bank team in Cambodia, in those countries.
This latest development follows on the heels of an impressive number of other significant product and service developments announced recently, including:
- An increase in paid up capital to $74 million, which positions the Bank as one of the largest commercial banks in Cambodia, allows it to support the Cambodian Government in its efforts to maintain financial security and stability and develop Cambodia’s economy, and demonstrates the Bank’s commitment to ensuring that personal banking customers and people doing business in Cambodia have the opportunity to access international standard, competitive, professional and effective financial products and services.
- An upgrade to its core banking and management information systems which aligns them with industry best practice, allows the Bank to adapt quickly to changing market and regulatory requirements, increases operational internal controls, efficiency and IT security and supports a raft of new products and services that are being prepared for launch in 2012, and which will ultimately allow the Bank to deliver the most sophisticated banking available in Cambodia.
- A host of business alliances with respected national microfinance institutions that will benefit not only the companies involved, but will allow the Bank to support the crucial work that these institutions do to support the development of Cambodia at a grass roots level.
MARUHAN Japan Bank is confident that these investments, and the others that are planned for 2012, will foster confidence with potential business partners across the region and make MARUHAN Japan Bank an even more attractive choice for both Cambodian, regional and global customers.