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Thai banks expand operations in different sectors

Thailand’s banks have continued to gear up for regional business expansion, aiming to create higher income from the growth potential of the ASEAN economy in the post-pandemic period.
Thai banks expand operations in different sectors ảnh 1A man walks past the entrance to the KBank Building in Rat Burana district, Bangkok. (Photo: Bangkokpost)
Bangkok (VNA) – Thailand’s banks havecontinued to gear up for regional business expansion, aiming to create higherincome from the growth potential of the ASEAN economy in the post-pandemicperiod.

Last week, Kasikornbank (KBank) announced the completeacquisition of additional shares of PT Bank Maspion Indonesia Tbk with aninvestment value of 186.5 million USD.

The deal was conducted through KBank subsidiaryKasikorn Vision Financial Company Pte Ltd (KVF), raising KBank's totalshareholding in Bank Maspion to 67.5% from 9.99% earlier.

Pattarapong Kanhasuwan, KVF chairman, said KBank iscontinuing to search for greater business opportunities among the ASEAN 3(China, Japan and the Republic of Korea) grouping because of the exponentialgrowth potential in the region.

ASEAN is expected to post the highest global GDPgrowth rate following the pandemic, mainly attributed to Indonesia and Vietnam.

The bank is open to other business opportunitiesincluding 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 ofHome Credit in Indonesia and the Philippines, with an initial totalconsideration of 473.9 million EUR.

The deals are expected to be completed by the secondhalf of 2023, according to the bank.

Bangkok Bank (BBL), the country's largest bank and theindustry's top player in international banking business, also continues tosearch for new opportunities, especially in ASEAN after acquiring a majoritystake in Indonesia's Permata Bank in 2020./.
VNA
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