Bangkok--17 Dec--KBank
Kasikornthaibank (Lao PDR) is Thailand’s first full-scale locally incorporated institution in Lao PDR, aiming to expand its business network in the forms of branches and E-banking services to accommodate corporate and individual customers, with an extensive range of products and services. Kasikornthaibank (Lao PDR) has a registered capital of 300 billion Kip (1.2 billion Baht).
Mr. Predee Daochai, KASIKORNBANK President, revealed that KBank has been formally granted a license to operate a locally incorporated institution in Lao PDR. The Bank is the first financial institution from Thailand to be permitted to provide a full-range of services in Lao PDR. Kasikornthaibank (Lao PDR) will focus on the customer centricity model, as well as business network expansion of branches, electronic banking services, and customer segmentation comprising corporate and individual customers.
KBank’s Lao PDR operations aim to provide financial and non-financial services for Thai corporations seeking to embark on investment opportunities there. For private individuals, the Bank will focus on offering services to High Net Worth and Affluence individuals. An extensive range of products and services will include financing, deposit accounts in Lao Kip, Thai Baht, and US Dollars, import and export, as well as domestic and international money transfers. Lao PDR operations also offer “Superior THE WISDOM Privileges” that fulfill customers’ financial needs, plus special privileges for exclusive lifestyles and VIP experiences at THE WISDOM Lounge and world-class THE WISDOM Center with Safe Box.
Additionally, the Bank will offer investment advisory services, providing information regarding the economy, industry and investment rules and regulations in Lao PDR. Before the locally incorporated institution was launched, KBank has been servicing customers familiar with the Bank’s cross-border services from branches located in Nong Khai, Ubon Ratchathani and Udon Thani. Therefore, the operations established in Lao PDR will certainly offer more opportunities for accommodating needs of its corporate customers and individual consumers with a much wider range of products and services.
KASIKORNBANK’s 2015 business objectives include credit facilitations of about 250 billion Kip (1 billion Baht) and deposits of 75 billion Kip (250 million Baht). The Bank also plans to expand its service network by opening a branch in Lao PDR by 2016.
KBank recognizes Lao PDR’s potential and inviting economic prospects. Recently, its GDP growth averaged 7-9 percent; the nation logged an 8.1-percent growth in 2013, equaling USD11.14 billion – the highest in ASEAN. In terms of location, Lao PDR lies at the center of the regional trade similar to Thailand, with borders connecting China, Vietnam, Myanmar and Cambodia, as well as the Northern and Northeastern borders of Thailand. The nation ranks 22nd among countries trading with Thailand, and is the 7th largest AEC trade partner. Border trade will likely become a key channel with a promising outlook in line with the economic upturn and the opening up of the market in the face of AEC. Lao PDR is dubbed “the Battery of Asia” for being the regional power generator, selling electricity to its neighbors including Thailand. Today, Thai-Lao border trade represents almost 90 percent of bilateral trade value. FDI-wise, Thailand is the third largest investors in Lao PDR, after China and Vietnam.
Mr. Predee added that one of KBank’s crucial strategies is to expand business and service network across ASEAN+3, in order to accommodate increasing demand from customers seeking financial services for overseas businesses. At present, KBank’s service network extends across 14 countries, consisting of Kasikornthaibank Limited (Lao PDR), complementing our overseas branches in Los Angeles, Hong Kong, Cayman Islands, Shenzhen, and Chengdu; a sub-branch in Long-gang; as well as Representative offices in Shanghai, Kunming, Tokyo, Yangon, Hanoi and Ho Chi Minh. The establishment of a Phnom Penh Branch and Jakarta Representative Office is currently underway.
Photo Release:
Recently in Vientiane, Lao PDR, Mr. Predee Daochai, middle, KASIKORNBANK President, and H.E. Dr. Somphao Phaysith, second left, Bank of the Lao PDR Governor, participated in the opening of Kasikornthaibank Limited (Lao PDR), Thailand’s first full-scale locally incorporated institution in Lao PDR. The Bank aims to expand its business network in the forms of branch and E-banking services to accommodate needs of corporate and individual customers with an extensive range of products and services. The event was also graced by H.E. Mr. Pisanu Chanvitan, second right, Thai Ambassador to Lao PDR.