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Thailand's Kasikornbank increases presence in Southeast Asia

Kasikornbank, Thailand’s second-largest lender by assets, on May 30 bought a 220 million USD majority stake in Indonesia's Bank Maspion.
Thailand's Kasikornbank increases presence in Southeast Asia ảnh 1The national flag of Thailand and flag of Kasikornbank. (Photo: Reuters)
Hanoi (VNA) - Kasikornbank, Thailand’s second-largestlender by assets, on May 30 bought a 220 million USD majority stake inIndonesia's Bank Maspion.

The deal will give Kasikornbank 67.5 percent of Maspion's sharesand is expected to be finalised by the end of the year, the Thai lender said ina message to the Stock Exchange of Thailand.

It comes as Thailand looks for investment abroad with the localeconomy stagnating under low interest rates and burdensome household debt, AFPreported.

Indonesia, the region's biggest economy, is a particular target,with the largest commercial firm and rival Bangkok Bank snapping up a 2.28billion USD stake in Bank Permata two years ago.

The latest deal will allow Kasikornbank to establish a morepermanent foothold in Indonesia, following a decision in 2017 to invest 20 millionUSD for 10 percent of Bank Maspion.

Kasikornbank opened its first branch in Vietnam last year, andis establishing a presence in Myanmar -- having bought a 35 percent stake inAyeyarwaddy Farmers Development Bank in 2020 -- in addition to Laos and Cambodia./.
VNA
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