A man walks past the entrance to the KBank Building in Rat Burana district, Bangkok. (Photo: Bangkokpost) Last week, Kasikornbank (KBank) announced the complete acquisition of additional shares of PT Bank Maspion Indonesia Tbk with an investment value of 186.5 million USD.
The deal was conducted through KBank subsidiary Kasikorn Vision Financial Company Pte Ltd (KVF), raising KBank's total shareholding in Bank Maspion to 67.5% from 9.99% earlier.
Pattarapong Kanhasuwan, KVF chairman, said KBank is continuing to search for greater business opportunities among the ASEAN 3 (China, Japan and the Republic of Korea) grouping because of the exponential growth potential in the region.
ASEAN is expected to post the highest global GDP growth rate following the pandemic, mainly attributed to Indonesia and Vietnam.
The bank is open to other business opportunities including mergers and acquisitions, especially in Vietnam and Indonesia.
Last month Krungsri, the country's fifth-largest bank, announced a 75% majority stake acquisition of the consumer finance business of Home Credit in Indonesia and the Philippines, with an initial total consideration of 473.9 million EUR.
The deals are expected to be completed by the second half of 2023, according to the bank.
Bangkok Bank (BBL), the country's largest bank and the industry's top player in international banking business, also continues to search for new opportunities, especially in ASEAN after acquiring a majority stake in Indonesia's Permata Bank in 2020./.
VNA
