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Thailand’s KBank targets regional asset management business

Thai banking group Kasikornbank (KBank) is closely looking at the bad asset management business in the Asian market as a regional opportunity. According to a KBank executive, the region's distressed debt has risen because of the Covid-19 pandemic. The bank also aims to generate THB9bn (USD250m) in income from its foreign banking business next year. This represents 5% of the bank's anticipated total revenue in 2023. On August 5, KBank opened a branch in Vietnam's Ho Chi Minh City. The branch was upgraded from being a representative office. KBank chief executive Kattiya Indaravijaya said the bank has applied for another branch opening in Beijing which is expected to open next year. Under a locally incorporated institution licence in China, the bank now has four branches in Chengdu, Shenzhen, Shanghai and Hong Kong.

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