(Yicai Global) Dec. 4 -- Kasikornbank (China) Co., a wholly foreign-owned bank funded by Thailand Kasikornbank Public Co., opened for business in Shenzhen on Dec. 1 as the only ASEAN Economic Community (AEC) bank headquartered there.
Kasikornbank China said it intends to seize opportunities offered by China's development in the new era, promote the AEC+3 digital banking strategy and bolster the Belt and Road Initiative with innovative services to meet the demands of Chinese, Thai and AEC enterprises, expanding trade and investment in the AEC+3 region, which encompasses the AEC as well as China, Japan and South Korea.
Kasikornbank has set up business objectives for its overseas branches. Their goal is to loan USD888 million (THB29 billion), up 30 percent annually, and have THB150 billion of international trade business,marking a 40 percent increase, next year.
Acquiring a foreign corporate bank license helps improve business flexibility and is an important step for Kasikornbank in expanding its business in the Chinese market, said Kasikornbank China Chairman and Chief Executive Wu Wantong said.
The bank will work with Chinese financial and technological enterprises to develop digital banking platforms to support electronic payment. They will also build an AEC+3 regional settlement center, carry out cross-border foreign currency settlement and provide customers with investment consultation and business brokerage services in the AEC+3 region.
A group of Chinese living in Thailand founded Thailand Kasikornbank, formerly known as Thailand Farmers Bank in Chinese, in 1945. It is one of the four largest commercial banks in Thailand and has set up representative offices in Shenzhen, Beijing, Shanghai and Kunming since 1994. Its Shanghai branch will deal with business near the mouth of the Yangtze River, covering Shanghai, Zhejiang and Jiangsu.