December 23, 2024

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[THE INVESTOR] NH NongHyup Bank announced on Aug. 22 that it is set to launch a microfinance institution in Cambodia after getting approval from the financial authorities.

Korea’s agricultural bank acquired 100 percent in Cambodian microfinance institution Samic in July, in its first overseas takeover, and has renamed it NongHyup Finance Cambodia. With approval of the Cambodian Ministry of Commerce and National Bank of Cambodia it plans to officially launch operations on Sept. 11. 

NongHyup Finance Cambodia, which has 18 branches across the Southeast Asian country, plans to expand its network by providing loans for mortgage and small and medium enterprises.

With the launch of operations in Cambodia, the lender plans to speed up expanding its overseas network. In addition to six offices abroad including ones in New York, Myanmar and Beijing, NongHyup is planning to launch offices in India and Indonesia next year.

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