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SBI Holdings buys stake in Cambodian microfinance company Ly Hour

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SBI Holdings buys stake in Cambodian microfinance company Ly Hour

SBI Holdings Inc. acquired a 70% stake in Cambodian microfinance firm Ly Hour Microfinance Institution Plc. and plans to turn it into a full-fledged commercial bank.

The Japanese online brokerage said in an Oct. 16 release it expects to obtain a banking license for the unit and changing its name to SBI Lyhour Bank Plc.

SBI Holdings says its total investment in Ly Hour Microfinance will amount to US$81.7 million.