Kasikorn Fuels Bank Maspion Ambition to Become Digital Bank

Digital bank
Summary

Kasikornbank Thailand subsidiary, Kasikorn Financial Company Pte Ltd (KVF), completed the acquisition of a 67.5 percent stake in PT Bank Maspion Indonesia Tbk (BMAS) on Dec 7. Bank Maspion Managing Director Endah Winarni said the completion of this acquisition had changed KVF as the controlling shareholder of Bank Maspion, with an investment value of US$186.5 million.

"This investment aims to increase the shareholding of Kasikornbank Group in Bank Maspion, which was initially only 9.99 percent since 2017, and gradually to 67.5 percent," Endah said in an official statement on Friday. 

Kasikorn Vision Financial Company Pte Ltd Chairman Pattarapong Kanhasuwan said this investment is expected to generate new opportunities and help business entities access financial services while fortifying customer networks across Indonesia, reiterating KBank's prominent leadership as a regional bank of AEC+3 in financial services offerings and technological capabilities. "The Acquisition of Bank Maspion, with an asset size of US$888 million, including its 50 branches across Indonesia, has become Kasikornbank's first merger and acquisition deal within the group's regional expansion strategy," Pattarapong said in a company statement.

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