Thai lender Bank of Ayudhya (Krungsri), a subsidiary of Japan’s Mitsubishi UFJ Financial Group, has agreed to acquire a 100% stake in Cambodian microfinance provider Hattha Kaksekar (HKL).

HKL operates with 151 office network and 102 ATMs across Cambodia. The company managed total assets of $446m and total loan of $364m as of 31 December 2015.

The acquisition aligns with Krungsri’s strategy to expand outside Thailand and grow in Cambodia, Laos, Myanmar and Vietnam (CLMV) by using the bank’s strength in consumer banking and microfinance.

The transaction is subject to regulatory approval and approval of shareholders.

Krungsri president and CEO Noriaki Goto said: "The share acquisition in HKL will enable the Bank to capture growth opportunities arising from the rapid development in the CLMV countries.

"The acquisition also offers a meaningful footprint for Krungsri in Cambodia to enhance our CLMV strategy, particularly values from business opportunities pertaining to both growing domestic market as well as cross border connectivity in the future."

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