The branch will be operational by Q3 2021.
Thailand’s KASIKORNBANK (KBank) has been granted approval to open a branch in Ho Chi Minh City, a statement read.
It is part of its plans to become a regional bank that offers total solutions within the ASEAN Economic Community +3 (AEC+3).
The branch will serve Thai business clients, including corporations and SMEs as well as local retail customers once it becomes fully operational by Q3 2021. It aims to lend $333m (THB10b) in its first year of operation whilst investing in start-up firms.
In addition, it will extend services to Thai, Chinese, Japanese, and South Korean companies wishing to expand their businesses in Vietnam for international trade and investment.
KBank will continue to operate through its Hanoi representative office as an intermediary between the KASIKORNBANK head office and Thai customers who are expanding their businesses to northern Vietnam.
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