15 January 2025, PHNOM PENH, CAMBODIA

Amret is proud to announce that Bank SinoPac from Taiwan has today successfully completed the acquisition of 80 per cent of the Cambodian financial institution, following the finalization of regulatory approvals in both markets.

Bank SinoPac now holds the majority shareholding in Amret. The former majority shareholder, Advans, has fully exited, while the development financial institutions FMO and IFC will remain, with a reduced interest of 10 per cent each for at least two years, to ensure a smooth transition. Bank SinoPac will then assume 100 per cent ownership of Amret.

Bank SinoPac is a large commercial bank with operations in Taiwan, China, Hong Kong, Vietnam and the USA. This acquisition delivers on Bank SinoPac’s ambition to expand further into Southeast Asia in recognition of the growth potential of the region.

Amret is a key player in the Cambodian financial sector with a network of 150 branches and more than 630,000 clients.

Bank SinoPac said, “Cambodia, with its dynamic economy and young, vibrant population, offers incredible potential, and we are eager to be part of its growth story. By partnering with Amret, we are not only expanding our footprint in Southeast Asia but also reinforcing our commitment to helping communities thrive and creating long-term opportunities for prosperity and well-being."

Bank SinoPac added, “We are proud to be collaborating with the esteemed development finance institutions FMO and IFC, both of whom have played key roles in advancing responsible investment and financial inclusion. Together, we will continue to uphold high standards of client protection while expanding Amret’s ESG capabilities, through our priority areas of Sustainable Finance, Inclusive Finance and Smart Finance."

Amret Chief Executive Officer, Mr Dinn Dos, said, “I am delighted to officially welcome Bank SinoPac to Cambodia in their new capacity as owners of Amret. Bank SinoPac has been a long-term lender to Amret so we already enjoy an established relationship and have long recognized our shared values.”

He added, “All parties involved in this change in ownership have prioritized a smooth transition and ensuring the business continues to function as normal. Over time, we look forward to sharing strengths with Bank SinoPac to further Amret’s sustainable and responsible development. It is exciting to consider the possibilities when Bank SinoPac’s expertise and innovation are joined with Amret’s people and network.”

Outgoing Chairman of the Board of Directors for Amret, Mr Claude Falgon, said, “When the selling shareholders recognized the time was right for Amret to enter its next phase of development, they prioritized finding a buyer who would not only meet regulatory standards but also commit to a market leading position for sustainability, ESG, and client protection. Bank SinoPac has demonstrated commitments and experience in these areas and, together with its parent company SinoPac Holdings, has been consistently recognised by the leading global assessors of sustainable, responsible and ethical businesses”

He added, “In Bank SinoPac the selling shareholders have selected a robust, respected and responsible new owner, and I have certainty that, under their direction, Amret will continue to thrive and uphold its values of integrity, client protection, transparency and impact.”

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For more information

Ngay Somealea, Head of Commercial Marketing

E-mail: [email protected]