Phnom Penh, October 26, 2011: ACLEDA Bank Plc., a leading commercial bank for all sectors, and its subsidiary, ACLEDA Securities Plc., the first securities company received license from the Securities and Exchange Commission of Cambodia (SECC) to carry out a brokerage business, and Tong Yang Securities (Cambodia) Plc. are pleased to announce that we have commenced cooperation with each other by signing a Memorandum of Understanding on Cooperation in the presence of the Presidents & Chief Executive Officers of ACLEDA Bank Plc. and Tong Yang Securities Inc., the parent company of Tong Yang Securities (Cambodia) Plc.
By signing this Memorandum of Understanding, ACLEDA Bank Plc., ACLEDA Securities Plc. and Tong Yang Securities (Cambodia) Plc., can provide access to a complete range of financial services and expertise for clients and investors throughout Cambodia. We have clearly identified the synergy afforded by the strengths and expertise of all three parties. By gathering together all the complementary offerings, the resulting entity will benefit clients with the accessibility, efficiency and consistency of a consolidated infrastructure. In particular, Tong Yang Securities and ACLEDA will provide a convenient and streamlined process for security transactions for the first IPOs on the Cambodia Securities Exchange.
Mr. In Channy, President & CEO of ACLEDA Bank Plc., said "this Memorandum of Understanding will combine the 49 year-experience of Tong Yang as one of leading securities firms with a long history in the securities market in South Korea with ACLEDA Bank Plc., a leading commercial bank in Cambodia, the bank you can trust, in order to apply experience and expertise in the provision of financial and advisory services and the arrangement of financing for public offerings and stock exchange listings."
Mr. In Channy, President & CEO of ACLEDA Bank Plc., said "this Memorandum of Understanding will combine the 49 year-experience of Tong Yang as one of leading securities firms with a long history in the securities market in South Korea with ACLEDA Bank Plc., a leading commercial bank in Cambodia, the bank you can trust, in order to apply experience and expertise in the provision of financial and advisory services and the arrangement of financing for public offerings and stock exchange listings."
Mr. Chhay Soeun, Chairman of the Board of Directors of ACLEDA Securities Plc., said "it's a new opportunity for more investors, especially retail investors, to invest in the Cambodia Securities Exchange from the IPO stage through ACLEDA Securities. In addition, investors and the public are being able to access broader research report and financial information."
Mr. You Joon Ryeol, President & CEO of Tong Yang Securities Inc., said "the partnership we are marking today will create the real synergy for each party's growth by putting each other's expertise and strength together. With ACLEDA's prominent name as a leading local financial institution in Cambodia, it will make us easy to reach mass investors, both local and foreign, for every IPO deal we undertake. And it will surely enable ACLEDA to have a greater access to a wider range of investing community and corporate clients which enhances ACLEDA's current and future businesses. In addition, we are pleased to help ACLEDA Bank in its preparation of the plan of execution of the bank's IPO in the future. To put everything in a nutshell, this will please both IPO clients and investors in this financial frontier, resulting in a clear competitive advantage for the alliance."
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