KBank to expand services to ASEAN+3 region

BANGKOK, February 10 (TNA) - Bangkok-based Kasikorn Bank (KBank) plans to expand its banking services to five more countries in the ASEAN+3 region later this year. KBank Executive Vice President Pipit Aneaknithi told journalists on Monday that his bank's service expansion in the five countries this year will comprise two branches and three representative offices. Besides, Kbank will boost its partnerships with local allies to support investment plans of both Thai and foreign business operators. Pipit acknowledged that the movement responds to the formation of the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) by 2015 and the 10-member ASEAN bloc's development of economic partnership with its key three dialogue partners, including China, Japan and South Korea, all are economic powers in Asia. Pipit said Kbank estimates the value of its international transaction services to stand at 910 billion baht this year, up by 28 per cent from last year, while lending for investment is expected at 37 billion baht, a 48 per cent year-on-year surge, and lending in China alone is anticipated at 20.6 billion baht. According to the KBank executive vice president, ongoing domestic political problems should negatively affect the Thai economy by 2-4 per cent, depending on their duration. the KBank executive vice president pointed out that the domestic political woes have already delayed some foreign investment in Thailand. (TNA)