Thailand’s KBank is to expand its business in China in hope to become a centre linking trade and investment between Thailand, China, and ASEAN, according to its chairman and chief executive.
Kasikorn Bank Pcl (KBank) chairman and CEO Banthoon Lamsam said the bank is preparing its documents to apply to become a local bank in China in order that KBank can provide more services to local residents in terms of loans and savings as well as international business transactions and services for Chinese investors investing in Thailand.
The bank’s expansion is to focus also on issuing loans to small- and medium-sized enterprises (SMEs) in China. It aims to open five branches within two years.
A Chengdu branch in Sichuan province was recently launched, said Mr Banthoon, while a subsidiary branch in Guangdong province is to be opened in the third quarter of this year.
KBank set its target to issue loans at around 3 billion yuan (Bt15 billion) by this year end through its loan project conducted with its bank alliance in China.
As of March this year, the total value of loans reached 1.5 billion yuan, or an increase of 17.3 per cent year-on-year. (MCOT online news)