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.

Thai banks, grappling with sluggish economic growth in a crowded home market, have been keen to expand abroad.

On Friday, Siam Commercial Bank said it was looking to issue loans worth up to 7 billion baht over the next five years in Myanmar after receiving a preliminary approval to set up a subsidiary there.

Rival Bangkok Bank took a controlling stake in Indonesia’s PT Bank Permata for $2.7 billion in December last year.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.