Thailand’s Kasikornbank to expand operation in Vietnam
Kasikornbank (KBank), Thailand’s second-largest lender by total assets, is focusing on expanding its international banking business this year in Vietnam and Indonesia, given the two ASEAN economies’ high growth potential.
KBank chief executive Kattiya Indaravijaya said Vietnam and Indonesia are expected to post strong economic growth as compared with regional peers.
The World Bank forecast long-term Thai GDP growth of 3%; therefore, the bank’s regional expansion is said to facilitate its business growth as Thai companies have branched out to regional markets.
For KBank Vietnam, the goal is to be among the top 20 banks by asset size in the market by 2027 following a branch opening in Ho Chi Minh in August 2022, she said, adding digital bank is a key strategy for growing business in the market.
Around 1.3 million people are using its mobile banking app, K-Plus, in Vietnam. As of September 2023, the bank’s total loan portfolio amounted to THB2.49 trillion (over US$72 billion).
It has been present in Cambodia, China, Indonesia, Japan, Laos, Myanmar, and Vietnm.
For the digital platform, the bank provides cross-border multi-currency settlement, cross-border THB direct settlement and cross-border retail payment.
Additionally, it has partnered with 80 banks in 14 countries.
