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Kasikornbank Plc (KBANK) said on Monday it has agreed to increase its holding and become a major shareholder of PT Bank Maspion Indonesia Tbk for about 7.56 billion baht (US$220 million), with a 67.5-per-cent stake after acquisition.
The transaction will proceed through KBANK’s subsidiary Kasikorn Vision Financial Co., Ltd. However, the acquisition is still pending approval from related authorities, according to the statement.
KBANK president Pipit Aneaknithi said that the transaction is expected to be completed by the end of 2022.
As of the morning session, KBANK traded at 148 baht, up 1 per cent from its prior closing. Bank Maspion Indonesia (BMAS), which is listed on the Indonesia Stock Exchange, surged by 10.34 per cent to 1,600 rupiah.
Previously, in 2020, KBANK had upsized its shareholding in Bank Maspion from 10 per cent to 40 per cent, a move worth 4.2 billion baht.
There are currently 17 KBANK’s overseas branches in eight countries such as China, Indonesia, Laos, Myanmar, and Vietnam, coupled with 82 partnerships with overseas financial institutions, according to data compiled by the Thai Enquirer.
The bank reported its earnings in the first quarter of 2022 at 11.2 billion baht, a rise of 5.5 per cent from a year earlier.