Krungsri to acquire HSBC retail business
The Krungsri Group (Bank of Ayudhya and its affiliates) announced yesterday that it had signed an agreement to acquire HSBC Thailand's retail banking business, including credit cards, personal loans, mortgages and deposits.
The acquisition, subject to conditions including shareholder and regulatory approvals, represents an investment of Bt3.55 billion. The deal will be complete within the current first quarter.
After this transaction, Krungsri Group’s assets will grow by roughly Bt17.45 billion or 1.8 per cent, increasing retail loans from 45 per cent to 46 per cent of total loans, the company’s president and CEO Mark Arnold said.
KPN condo launch
KPN Group has introduced its latest condominium project, The Capital (Ekamai-Thonglor), worth a total of Bt1.4 billion with prices ranging between Bt2.7 million and Bt26 million per unit.
The project will have 281 units. Presales will start on February 22.
Indorama in India JV
Indorama Ventures, Thailand's largest polyester producer, yesterday announced a plan to construct a world-class, state-of-the-art facility in India comprising PTA (purified terephthalic acid), PET (polyethylene terephthalate) and PSF (polyester staple fibre) plants fully integrated with a third-party paraxylene producer.
Indorama announced the plan during the official visit of Prime Minister Yingluck Shinawatra to India.
A memorandum of understanding was signed with Indorama Synthetics (India) Ltd to enter a joint venture that would construct the plants and utilise the output.
Aloke Lohia, group CEO and founder of Indorama Ventures, said the large-scale project was expected to cost about US$700 million (Bt22 billion). – The Nation
