Saturday, July 04, 2020

KBank gets approval for stake in Myanmar bank

Apr 11. 2020
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By THE NATION

The Bank of Myanmar has approved Kasikornbank's bid for a 35 per cent stake in Ayeyarwaddy Farmers Development Bank (A Bank), KBank said in a statement on Saturday (April 11).

KBank executive vice president Pattarapong Kanhasuwan said that the investment will be done via KBank's wholly owned investment holding company Kasikorn Vision.

Kasikorn Vision is positioned as a company looking for overseas investment opportunities for KBank. It has an investment budget of Bt14 billion.

On Friday (April 10), Siam Commercial Bank said the Bank of Myanmar had granted SCB initial approval to set up a subsidiary in the country.

Under the licence agreement, SCB will be able to extend banking services to retail customers in Myanmar from January 1, 2021.

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