Thai banks eye foreign expansion despite pandemic
Three Thai banks claim that their plans to enter foreign markets is continuing despite the Covid-19 pandemic.
Kasikornbank said it has not suspended its strategy to expand overseas, adding that this period of Covid-19 crisis is a prime period for preparation.
Kattiya Indaravijaya, the bank’s chief executive officer, said KBank’s expansion will be visible next year, especially in the Chinese market, which the bank aims to penetrate by offering personal loan services.
Bangkok Bank (BBL) has also said it will continue expanding overseas as planned, with the bank’s president Chartsiri Sophonpanich saying his bank will focus more on digital services.
Separately, Siam Commercial Bank (SCB) has already entered the Myanmar market and set up Siam Commercial Bank Myanmar Limited (SCBM).
Sarut Ruttanaporn, SCB’s president, said SCBM was wholly owned by SCB with US$150 million in authorised capital.
“SCB will ask Myanmar’s central bank for a licence to operate a bank in the country,” he said.