Thai bank’s buyout of local MFI finalised

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September 14, 20169 yr

Thailand's Bank of Ayudhya has officially reached an agreement to acquire the full shareholding of Cambodian microlender Hattha Kaksekar Ltd (HKL), a banking executive said yesterday, while declining to disclose the value of the landmark deal.

Hout Ieng Tong, president and chief executive of HKL, said that the technical details of the acquisition have been worked out by representatives of the two financial institutions and the National Bank of Cambodia (NBC) sanctioned the transaction last month.

“We got approval from NBC and we also received approval from the Ministry of Commerce,” he said. “Thus, it means everything is completed.”

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