Thai banks remain upbeat on regional expansion

Thai banks remain upbeat on regional expansion as they seek to tap the growth potential of the ASEAN economy in the post-pandemic period, according to a Bangkok Post report. ASEAN is expected to post the highest global GDP growth rate following the pandemic on the back of the economic recovery in Indonesia and Vietnam. The Thai banks are reportedly open to various business opportunities, including mergers and acquisition, especially in Vietnam and Indonesia. Last week, Kasikornbank (KBank) announced that it has completed the acquisition of additional shares of PT Bank Maspion Indonesia, with an investment value of USD186.5m. Last month, Krungsri, the country's fifth-largest bank, announced a 75% majority stake acquisition of the consumer finance business of Home Credit in Indonesia and the Philippines.