The International Finance Corporation (IFC), a member of the World Bank Group, has sold its 12.25% stake in ACLEDA Bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC) after having supported ACLEDA's transition into a leading commercial bank in Cambodia over the past 15 years.

IFC has partnered with ACLEDA Bank since 1999, when it was undergoing a transformation from a non-governmental organization into a microfinance institution. As a founding shareholder, IFC has helped ACLEDA grow over the past 15 years into the largest Cambodian bank by assets by providing it with equity capital, tier-2 capital sub-debt, long-term financing and trade finance.
IFC has also advised the bank on establishing international banking procedures, strengthening its managerial systems, improving its staff capacity, and promoting small and medium enterprise financing.

"We highly appreciate our long-term partnership with IFC and its significant support to our growth for more than a decade," ACLEDA CEO In Channy said in a statement issued on August 18. "We look forward to continuing our partnership and opportunities for collaboration in the future as our bank grows."

IFC's financing and technical support has helped ACLEDA expand its financial services to the Lao People's Democratic Republic and Myanmar. IFC is a shareholder in ACLEDA MFI Myanmar Company, an ACLEDA subsidiary that began operation in 2013 to address the significant demand for financing among Myanmar's micro, small and medium enterprises.

"We have successfully supported ACLEDA Bank's transition into a commercial microfinance institution and then a full-service commercial bank," said Adel Meer, IFC's financial institutions group manager for East Asia and the Pacific. "With its financial strength and expertise, we believe Sumitomo Mitsui Banking Corporation is a strong strategic partner that can support ACLEDA's continued long-term growth and contribute to Cambodia's economic development and job creation. We will continue to support ACLEDA's operations in Cambodia, Lao PDR, Myanmar and other countries in the region."