Thailand's Kasikornbank gets approval for $40m stake in Myanmar lender

Thailand's Kasikornbank gets approval for $40m stake in Myanmar lender

FILE PHOTO: The logo of Kasikornbank is pictured next to a national flag at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo

Thailand’s Kasikornbank said on Saturday it plans to invest up to $40 million in a 35% stake in Myanmar’s Ayeyarwaddy Farmers Development Bank after receiving approval from Myanmar’s central bank.

Kasikornbank, the country’s No. 2 bank by market capitalisation, said in a statement the investment will be done through its unit Kasikorn Vision, which has a budget of 14 billion baht ($428 million) for overseas business opportunities.

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