International Finance Corporation (IFC), the private lending arm of the World Bank, is considering investing up to $15 million to take an up to 20 per cent stake in BRED Bank (Cambodia) Plc, according to a disclosure.
This will be IFC’s second engagement with BRED’s overseas subsidiaries. Through the project, IFC will provide long-term capital which is currently limited in Cambodia, it said.
IFC said its equity investment in BRED will contribute to an increase in access to finance for small and medium-sized entrepreneurs through the bank’s targeted products and services. Meanwhile, the bank will provide financial services through the mobilization of deposits.
BRED Bank’s primary focus areas include retail/wholesale, trade, property development/construction, garment manufacturing and agribusiness.
Headquartered in Phnom Penh, BRED Cambodia is a greenfield bank and subsidiary of BRED S.A., part of BPCE Group, the second largest banking group in France.
BRED S.A. has a strong franchise in the SME and entrepreneurs segment in France and belongs to its 150,000 cooperative shareholders customers.