Thailand’s Kasikornbank (KBank) is exploring an acquisition deal with Home Credit Vietnam. (Photo: Kaohoon International)Home Credit Group plans to sell its businesses across ASEAN,said KBank Executive Vice-President Pattarapong Kanhasuwan.
"The deal is in the early stages and the bankneeds to spend more time studying the feasibility and pricing before making adecision on bidding," he was cited by the Bangkok Post as saying.
In addition to Home Credit, the Thai bank is exploringother potential deals in Vietnam, he added.
Under its ASEAN 3 strategy, the bank eyes regionalexpansion via several business models for both organic and inorganic growth.
KBank, Thailand's second-largest lender by totalassets, opened a branch in Vietnam in August 2022. The bank set a target of 20billion THB (about 570 million USD) in outstanding loans and a customer base of1.2 million in the country in 2023.
Pattarapong said for the Vietnamese market, KBankfocuses its growth in three core areas: business scale, customer base andcompetitiveness.
Digital technology is a key strategy facilitating itsbusiness expansion. The bank's subsidiary, Kasikorn Business Technology Group(KBTG), set up a technology hub, KBTG Vietnam Co Ltd, which provides digitalbanking services in the country.
In a related development, Finnoventure Fund I, managedby Krungsri Finnovate, the corporate venture arm of Krungsri, is investing inMFast, a leading fintech startup with a banking service platform in Vietnam.
The leading financial services distribution network inVietnam, MFast's network includes 160,000 active agents who work with customersin tier 2 and tier 3 cities throughout Vietnam.
MFast helps customers access financial services,including loans and insurance, as well as high-ticket items like homeappliances from brands that don't usually open retail branches in rural areas./.
VNA
