Thailand’s Kasikornbank gets approval for $40 mln stake in Myanmar lender

BANGKOK, April 11 (Reuters) – Thailand’s Kasikornbank said on Saturday it plans to invest up to $40 million in a 35% stake in Myanmar’s Ayeyarwaddy Farmers Development Bank after receiving approval from Myanmar’s central bank.

Kasikornbank, the country’s No. 2 bank by market capitalisation, said in a statement the investment will be done through its unit Kasikorn Vision, which has a budget of 14 billion baht ($428 million) for overseas business opportunities.

Thai banks, grappling with sluggish economic growth in a crowded home market, have been keen to expand abroad.

On Friday, Siam Commercial Bank said it was looking to issue loans worth up to 7 billion baht over the next five years in Myanmar after receiving a preliminary approval to set up a subsidiary there.

Rival Bangkok Bank took a controlling stake in Indonesia’s PT Bank Permata for $2.7 billion in December last year. ($1 = 32.71 baht) (Reporting by Orathai Sriring; Editing by Edwina Gibbs)

To see the original article click link here

Source : Reuturs

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.