Thai banks expand operations in different sectors | World | Vietnam+ (VietnamPlus)

A man walks past the entrance to the KBank Building in Rat Burana district, Bangkok. (Photo: Bangkokpost)

Bangkok (VNA) – 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.

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./.