National Bank of Canada denies media report of talks to sell its Cambodian unit
Reuters
Published Mar 12, 2024 13:58
(Reuters) - National Bank of Canada (TSX:NA) 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 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 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)
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Written By: Reuters
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