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October 6, 2022

Thailand’s Kasikornbank looks to triple overseas team

Kasikornbank, a leading Thai lender, is looking to triple its overseas team as part of its expansion plan, reported Bloomberg.

By the end of 2023, the bank is planning to increase its team size to 2,800 from the current 900, the publication said, citing Kasikornbank co-president Pipit Aneaknithi.

The team expansion is part of the bank’s efforts to increase its international revenue, which is below 1% now, to more than 5% in 2023, he said.

The new jobs will be offered in technology and digital banking.

“Regional expansion will be our most exciting story as countries such as Vietnam and Indonesia have very big potential,” the bank executive said in an interview.

“Those countries have young populations and high economic growth with plenty of room for growth of the banking industry.”

As per the report, Thailand’s banks are deploying more resources to foreign markets to counter the effects of factors such as slowing growth and rising competition in the home market.

Kasikornbank’s primary overseas business is in China, Pipit said, adding that the economic turmoil there could impact the bank’s growth.

China also has the bank’s technology and innovation centre that is engaged in developing the digital banking platform for its regional expansion.

Furthermore, as part of the overseas growth strategy, Kasikornbank is in the process of buying a majority stake in Indonesia’s Bank Maspion for $220m.

The deal awaits regulatory approval and is expected to complete in 2022, said Pipit.

In August this year, Kasikornbank announced more than THB2.7bn ($75m) investment to bolster its Vietnamese operations.

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