National Bank of Canada has acquired a controlling stake in Advanced Bank of Asia (ABA Bank of Cambodia) for $103m.
The latest investment, part of National Bank’s international growth strategy, gives the Canadian bank a 90% interest in ABA Bank.
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In 2014, the Canadian lender acquired a 10% stake in ABA Bank, and gradually raised its stake to 42% in 2015. Overall, National Bank has made an investment of $148m in the Cambodia lender till date.
The deal will lower National Bank’s common equity Tier 1 ratio by about 18 basis points in the third quarter of fiscal 2016, National Bank said in a statement.
National Bank of Canada president and CEO Louis Vachon said: "National Bank is proud to become the majority shareholder of ABA Bank, a well established financial institution. ABA Bank is positioned to take advantage of the country’s long-term growth prospects and to contribute to increased utilization of financial services by individuals and commercial businesses in the region."
ABA Bank operates with 35 branches, providing financial products and services to individual and business customers. The bank has a workforce of about 1,300 and manages over $925m in assets.
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