National Bank of Canada weighs sale of Cambodian unit, Bloomberg News reports
FILE PHOTO: The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo
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(Reuters) – National Bank of Canada (OTC:NTIOF) is exploring options for its Cambodian unit ABA Bank, including its sale for more than $2 billion in a deal, Bloomberg reported on Tuesday, citing people familiar with the matter.
National Bank’s other options for the subsidiary could also include minority or majority stake sales, the report added.
National Bank of Canada and ABA Bank did not immediately respond to Reuters’ requests for comment.
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.
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.
