Japan's Dai-ichi Life Holdings Inc. plans to establish a wholly owned subsidiary in Cambodia, The Nikkei reported March 9, without citing any sources.
The company will set up the Phnom Penh-based subsidiary as early as March and aims to begin operations in the fiscal year starting in April. The unit will start off by offering insurance through local banks.
The Japanese insurer plans to hire about 100 staff for the Cambodian unit and gradually invest about ¥4 billion to fund its expansion.
As of March 8. US$1 was equivalent to ¥106.12.
