March 12 (Reuters) - National Bank of Canada (NA.TO), opens new tab on Tuesday denied a media report that said it was in talks to sell its Cambodian unit, ABA Bank.
Bloomberg News on Tuesday reported that the lender was exploring options for ABA Bank, including its sale for more than $2 billion.
National Bank of Canada is currently not engaged in any process or negotiations for the sale of ABA Bank, nor has it hired any advisers, the bank said in a statement.
Canadian banks have sought growth opportunities abroad as competition has intensified in their highly regulated domestic market.
National Bank of Canada took full control of ABA Bank in 2019, after gradually increasing its stake in the Cambodian lender over the years since 2014.
The Montreal-based bank also made an additional investment, opens new tab of $63 million in ABA Bank in 2019, betting on Cambodia's future and promising economy.
Formerly known as Advanced Bank of Asia Ltd, ABA Bank was found in 1996, and has 94 branches with more than 1,600 self-banking machines, according, opens new tab to its website.
ABA reported net income of C$343 million ($254.17 million)and revenue of C$726 million for the year ended Oct. 31, 2023, according to National Bank of Canada.
($1 = 1.3495 Canadian dollars)Formerly known as Advanced Bank of Asia Ltd, ABA Bank was found in 1996, and has 94 branches with more than 1,600 self-banking machines, according, opens new tab to its website.
ABA reported net income of C$343 million ($254.17 million)and revenue of C$726 million for the year ended Oct. 31, 2023, according to National Bank of Canada.
($1 = 1.3495 Canadian dollars)
https://www.reuters.com/markets/deals/n ... 024-03-12/
Bllomberg report (paywall): https://www.bloomberg.com/news/articles ... odian-unit
Bank of Canadian deny Bloomberg reports of selling ABA
- Bong Burgundy
- Where Did All the People Go?
- Reactions: 286
- Posts: 2506
- Joined: Sun Oct 29, 2017 12:20 pm
- Location: K440 Channel 4 News
Bank of Canadian deny Bloomberg reports of selling ABA
Bringing the news. You stay classy, nas, Cambodia.
Their property portfolio alone must be hundreds of millions. Every other building seems to be an ABA these days. The top end of Sihanouk (the old Kids city) has two massive ABA buildings, and it's been mentioned elsewhere that they bought others in between.
-
- Similar Topics
- Replies
- Views
- Last post
-
- 14 Replies
- 1892 Views
-
Last post by Phnom Penh Trader
Thu Apr 13, 2023 11:52 pm
-
-
Changing / selling old sterling notes
by Departure » Fri Dec 17, 2021 6:32 pm » in Money, Banking and Insurance - 0 Replies
- 1128 Views
-
Last post by Departure
Fri Dec 17, 2021 6:32 pm
-
-
- 3 Replies
- 785 Views
-
Last post by MJones
Sat Apr 08, 2023 2:23 am
-
-
5000$ Plane Tickets selling like hotcakes
by bongme » Wed Jul 27, 2022 12:49 pm » in Cambodia Speakeasy - 3 Replies
- 966 Views
-
Last post by redrum
Wed Jul 27, 2022 2:05 pm
-
-
-
Best shop for new Canadian passport photo
by patcan » Thu Apr 27, 2023 7:43 am » in Questions and Answers - 2 Replies
- 515 Views
-
Last post by PSD_Kiwi
Thu Apr 27, 2023 9:22 am
-