Thailand’s Kasikornbank acquires Indonesia's Bank Maspion

Kasikornbank, one of Thailand’s largest banks, is paying USD220m for a majority stake in Indonesia’s Bank Maspion. The deal will give Kasikornbank 67.5% of Maspion's shares and is expected to be finalized by the end of the year. Its rival, Bangkok Bank, snapped up a USD2.28bn stake in Bank Permata two years ago. The latest deal will allow Kasikornbank to establish a more permanent foothold in the region’s biggest economy, following a 2017 decision to invest USD210m for 10% of Bank Maspion. Kasikornbank opened its first branch in Vietnam last year and is establishing a presence in Myanmar -- having bought a 35% stake in Ayeyarwaddy Farmers Development Bank in 2020 -- in addition to Laos and Cambodia.