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Krungsri’s subsidiary in Cambodia gets regulatory nod for commercial banking

Sep 08. 2020
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By THE NATION

Hattha Kaksekar Limited, a microfinance institution in Cambodia wholly-owned by Krungsri, has been given regulatory approvals to become a commercial bank under the name Hattha Bank Plc.

Krungsri (Bank of Ayudhya Pcl), a member of Mitsubishi UFJ Financial Group (MUFG), said the development marks another key milestone in Krungsri’s journey to pursue regional business expansion and capture growth opportunities in CLMV (Cambodia, Laos, Myanmar, Vietnam) countries by leveraging local expertise and physical presence together with its established business platform and extensive networks.

Krungsri president and chief executive officer Seiichiro Akita said: “We are pleased to announce that, after successfully obtaining all regulatory approvals, Hattha Kaksekar Limited has now become Hattha Bank Plc. With the new status, Hattha Bank is eligible to deliver most excellent financial products and services to better meet diverse demands of clients in Cambodia through its financial innovation and inclusion."

He said Krungsri will continue to support Hattha Bank through sharing best banking practices, marketing expertise, product development, sales channel enhancement and risk management.

“We believe that, through the synergy of Krungsri’s distinctive financial expertise and Hattha Bank’s local business know-how and experience, Hattha Bank will play an important role in driving the Cambodian economy towards a sustainable growth path,” Akita added.

Hattha Bank Plc (formerly Hattha Kaksekar Ltd) has been providing financial services to people in Cambodia for over 26 years. It became a part of Krungsri Group family after being acquired in 2016.

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