Thai bank increases capital 3.5-fold

By Vien Thong   May 5, 2023 | 01:08 am PT
Thai bank increases capital 3.5-fold
KBank's HCMC branch at 115 Nguyen Hue, Ben Nghe, District 1, Ho Chi Minh City. Photo courtesy of KBank
Thai lender Kasikornbank has increased its charter capital from $80 million to US$285 million (VND6.5 trillion), the second highest among foreign banks in Vietnam.

Chat Luangarpa, its executive vice president, said the decision is aimed at addressing the demand for funds from businesses and retail customers amid the volatile economic situation.

KBank targets having a loan balance of $960 million in 2023.

It also aims to increase the user base of its K PLUS Vietnam app from 470,000 to 1.3 million this year.

KBank is one of the three largest lenders by assets ($122.9 billion at the end of 2022) in Thailand.

It was founded in 1945 and listed in 1976.

The founder's grandson, Banthoon Lamsam, and his family had a fortune of $1.19 billion as of last June, making them the 29th richest in Thailand, according to Forbes.

KBank opened a branch in HCMC in August 2022.

Its charter capital is the highest for any foreign bank after only Sumitomo Mitsui (VND7.5 trillion).

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