Japan-based Sumitomo Mitsui Banking (SMBC) has acquired International Finance Corporation’s (IFC) 12.25% equity stake in Cambodian bank Acleda, in a JPY10bn ($97m) deal.

The acquisition is part of SMBC’s strategy to further expand its footprint in Southeast Asia.

Acleda president and group CEO Dr In Channy said: "By having SMBC acquiring stake in ACLEDA Bank Plc., we can combine force and opening the new chapter of international expertise and standard.

"And he highlighted that the whole bank team have made great efforts to build the professional bank expertise, providing financial security, services, and products with special focus on customers satisfaction of all segments of the community, until we finally have won broaden public trust locally and internationally.

SMBC has been deepening its relationship with Acleda, when it inked a memorandum of understanding (MoU) for a business alliance with the latter in August 2012.

Acleda operates a network of 252 branches and offices across Cambodia; 41 branches and offices in Laos; and six branches and offices in Myanmar.