Thailand's KBank set to take majority control at Indonesia's Bank Maspion

Kasikornbank (KBank), Thailand’s second-largest bank by assets, and its subsidiary are set to pick up a majority stake in PT Bank Maspion Indonesia in a deal worth $220 million, as it seeks to strengthen its foothold in Southeast Asia’s biggest economy.

According to a filing with the Stock Exchange of Thailand on Monday, Kasikorn Vision Financial Company (KVF), a wholly-owned subsidiary of KBank, has entered into a conditional sale and purchase agreement with Bank Maspion to become a majority shareholder.

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