KBank builds another tie with 19 Chinese banks
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Kasikornbank has struck a memorandum of understanding with 19 partner banks in China, to jointly develop the largest Sino-Thai factoring service, which could boost lending by upto Bt29 billion.
Banthoon Lamsam, president and CEO of the bank, said that the cooperation is driven by greater integration of Asean and the region with China, Korea and Japan. China is now Thailand's second biggest export market and in line with growing connectedness of the two economies, KBank sees the need to introduce a variety of financial products particularly for those involved in the export-import industries.
The MoU was first signed with 6 Chinese banks, to create the Factors Chain International (FCI). Under the agreement, the banks would facilitate loan purchases and collection on behalf of one another. They also agreed to provide other business loans, to facilitate business expansion in the countries.
Banthoon said that the network should be able to boost the factoring business by about Bt29 billion, which would benefit the bank as well as exporters-importers.
List of 19 Chinese banks
Industrial and Commercial Bank of China
Agricultural Bank of China Limited
Bank of China-H.O.
China Construction Bank
Bank of Communications
China Development Bank
Industrial Bank Co., Ltd.
Bank of Dalian Co., Ltd.
Bank of Jiangsu Co., Ltd.
The Export-Import Bank of China
China Merchants Bank Co., Limited
China Minsheng Banking Corporation Limited
Shanghai Pudong Development Bank
Bank of Shanghai Co., Ltd.
Ping An Bank Co., Ltd.
China Everbright Bank
Hua Xia Bank Co., Limited
China CITIC Bank
China Guangfa Bank Co., Ltd
