Kasikornbank eyes wealth management business in Laos, Myanmar

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kbankThailand’s Kasikornbank (KBank) aims to target affluent customers in neighbouring countries as part of its efforts to push towards 10 per cent growth in assets under management for its wealth management business this year.

The bank’s Executive vice-president Pakorn Partanapat said wealth among Laotian business owners is increasing, propelled by the country’s dynamic economic growth.

This group will be KBank’s main focus, he said, adding these customers frequently travel to border towns in Udon Thani province for financial and healthcare services as well as shopping. A number of Laotian customers have deposit and bancassurance accounts at KBank’s Udon Thani branch.

Wealthy Myanmar people are another KBank target, he said.

The upcoming formation of an integrated market under the ASEAN Economic Community, due to kick off late next year, should be another driver of growth for the regional economy, particularly for frontier markets such as Laos and Myanmar.

KBank, Thailand’s fourth-largest lender by asset size, requires minimum assets of 10 million baht for the bank’s Wisdom wealth service.

KBank plans to open a Vientiane branch in Laos, with the Wisdom center offering financial services exclusively to local wealthy customers, said Pakorn. He did not elaborate on a time frame for the branch opening.

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Reading Time: 1 minute

Thailand’s Kasikornbank (KBank) aims to target affluent customers in neighbouring countries as part of its efforts to push towards 10 per cent growth in assets under management for its wealth management business this year.

Reading Time: 1 minute

kbankThailand’s Kasikornbank (KBank) aims to target affluent customers in neighbouring countries as part of its efforts to push towards 10 per cent growth in assets under management for its wealth management business this year.

The bank’s Executive vice-president Pakorn Partanapat said wealth among Laotian business owners is increasing, propelled by the country’s dynamic economic growth.

This group will be KBank’s main focus, he said, adding these customers frequently travel to border towns in Udon Thani province for financial and healthcare services as well as shopping. A number of Laotian customers have deposit and bancassurance accounts at KBank’s Udon Thani branch.

Wealthy Myanmar people are another KBank target, he said.

The upcoming formation of an integrated market under the ASEAN Economic Community, due to kick off late next year, should be another driver of growth for the regional economy, particularly for frontier markets such as Laos and Myanmar.

KBank, Thailand’s fourth-largest lender by asset size, requires minimum assets of 10 million baht for the bank’s Wisdom wealth service.

KBank plans to open a Vientiane branch in Laos, with the Wisdom center offering financial services exclusively to local wealthy customers, said Pakorn. He did not elaborate on a time frame for the branch opening.

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