20 June 2014
Woori Bank has decided to acquire Cambodia’s
microfinance institution Malis Finance for 5 billion won ($4.9 million) to
accelerate its global expansion.
The purchase of the Cambodia-based firm marks
the bank’s second attempt at making inroads into the Southeast Asian country
after its failure in 2008 due to the global financial crisis. The deal still
needs to pass screening by Cambodian regulators to gain their approval before
it can be finalized. Malis Finance is one of the 35 microfinance institutions
in Cambodia that offers support for lower-income customers.
The company was established in 2011 with
registered capital of $2.25 million, of which its 88.89 % is shared by
Korean-American investor Cho Sung-jae. About 1.11% is owned by Dongkwang
Pharmaceutical Company in South Korea.
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