Bangkok--26 Jul--Kasikornbank
Kasikornbank Plc (KBank) and Industrial and Commercial Bank of China Ltd (ICBC) have entered into Memorandum of Understanding to enhance business potentiality of Industrial and Commercial Bank of China (Thai) Plc (ICBC Thai) in Thailand and KBank’s Shenzhen Branch in People’s Republic of China, in a bid to accommodate business competition and financial service development of both banks.
Mr. Yang Kaisheng, ICBC’s President and Vice Chairman, stated that this partnership has been built by two leading banks of Thailand and China to promote and support businesses of each other. ICBC or Industrial and Commercial Bank of China is the country’s largest commercial bank with altogether 16,227 service points domestically, 1499 correspondent banks, and 208 overseas outlets as of the end of May 2011. It has ICBC (Thai) to perform as the “Financial Bridge between Thailand and China.” ICBC has realized that large Chinese business and trade entities have increasingly expanded to Thailand while Thai entrepreneurs have made increasing presence in China, the number of which has tended to grow further on. Meantime, ICBC and ICBC Thai have capabilities to provide financial services that can facilitate the business operations of these entrepreneurs. Moreover, with consistent growth of Thai economy, ICBC (Thai) is fully ready to provide financial facilities that can well serve the country’s business and industrial expansion in line with the growing economy.
Mr. Banthoon Lamsam, KBank’s Chief Executive Officer, attended the MOU signing ceremony with Mr. Yang Kaisheng, ICBC’s Vice Chairman and President at KBank Thai-Chinese Business Center on Floor 16 of Chamchuree Square. This partnership is aimed at bolstering the two alliances’ financial business potential in both Chinese and Thai markets through collaboration in project financing, loan syndication to mega-projects, international money transfers and payments, and business matching. It will also allow for both banks’ exchange of knowledge, innovation and experience in business operations as well as personnel training and development. This will accordingly strengthen their financial and operational positions for the years ahead.
KBANK’s branch in China has set a lending target of CNY 1.2 billion or a doubled loan growth for this year to respond to the demand of over 42 million SME entrepreneurs in China. We have also planned to upgrade overseas branches as locality foreign commercial banks by 2013. Upon the execution of MOU, there is ample room for KBank which is a leading Thai bank with keen expertise in SME financing to fortify its presence and vie with other commercial banks in China to grasp more share of the Chinese commercial bank market in line with the economic development plans of both China and Thailand.