Local MFI relaunched after South Korean buyout
Cambodia’s booming microfinance sector continues to attract international investors, with a South Korean financial institution the latest to buy out one of the Kingdom’s myriad microlenders. The Seoul-based Welcome Financial Group announced on November 4 that it had acquired the full shareholding of Green Central Microfinance Ltd for an undisclosed sum, and rebranded it Welcome Finance (Cambodia). The rebranded microfinance institution (MFI) launched operations on November 4. Lee Sang-kook, chief executive officer of Welcome Finance (Cambodia), said the acquisition was part of his company’s strategy to capture growth opportunities in Cambodia where the financial sector is enjoying high growth. He said the deal was completed earlier this year and received approval from the National Bank of Cambodia in April. He said Welcome Financial Group purchased the MFI with the aim of developing Cambodia’s financial services market, and would look to expand its operations in order to serve more customers.
