Krungsri enters Cambodia with acquisition of HKL
BANK of Ayudhya (Krungsri) has announced its entry to Cambodia by completion of the acquisition of Hattha Kaksekar Ltd (HKL), a microfinance institution.
“We are pleased to announce that after we had obtained all regulatory approvals, we were able to successfully conclude the acquisition of HKL. This progress underscores our concrete and accelerated step forward to becoming an Asean powerhouse,” Krungsri president and chief executive officer Noriaki Goto said.
“We strongly believe that this development is of mutual benefit to the valued customers of both HKL and Krungsri. HKL’s local expertise and extensive network in Cambodia complemented by Krungsri’s strength in consumer finance will enable both parties to capture exciting opportunities emerging from one of Asean’s fastest-growing economies.
“Of particular importance, Krungsri’s expertise in consumer banking and its microfinance platform will be shared to strengthen HKL’s market-leading position through enhanced capability and resources.”
HKL is the fourth-largest microfinance institution in Cambodia, offering both loan and deposit products to customers.
As of June 30, HKL had total assets of US$517 million (Bt17.9 billion). Total loans are $394 million. HKL has consistently increased its deposit portfolio, reaching $296 million as of June 30.
HKL has 153 offices in its network and 102 automated teller machines nationwide.
