Sathapana Microfinancemicrofinance Sathapana
"We anticipate that the debate on the merger between Sathapana Limited and Maruhan Japan Bank Plc will be completed by the end of this year, and then we will present a formal recognition of this merger by December," he added. Sathapana' s CEO said the two companies will incorporate their credit product, operational system and HR before applying for an formal license from the National Bank of Cambodia.
ABC is expected to give Mony the go-ahead by the first three months of 2016 at the latest. The Maruhan Japan Banks, which commenced operations in Cambodia in 2008, purchased a 95 per cents stake in Sathapana Limited in 2012. By the end of the year, the Japans expect to take over the remainder of 4.9 percent.
The Sathapana NGO began in 1995 before obtaining the MFI license in 2003. Yabe Yoshikazu, General Director of Maruhan Japan Bank Plc, said at yesterday's signature that there was" strong competitive pressure " in the bank industry and the combination of the two would help to extend the banks' customer and sales networks.
"We currently have only one headquarters in Phnom Penh - we're not a big company at the moment, but we've been making a profit for two years," he said about the business of Maruhan Japan Bank.