ASEAN KEY DESTINATIONS
Thai bank rises in Japan
The chief executive said KBank has joined hands with 15 Japanese banks to provide financial services to Japanese companies investing in Thailand.
It began signing contracts with them last year and plans agreements with five or six more Japanese banks over the next 3 years.
The 15 institutions signed on with so far are all provincial banks. Although small by Japanese standards, each one has assets of about six trillion yen (2.16 trillion baht), larger than KBank's.
KBank, Thailand's third-largest bank, has assets of 1.5 trillion baht. KBank opened its first representative office in Tokyo last month to support trade and direct investment between customers of the two countries.
Mr. Banthoon said the Japanese are the largest foreign investor group in Thailand and with the highest investment value. Their investment trend is on an upswing amid the sluggish global economic environment.
Japanese investors have been active in Thailand for a long time, mainly in the automotive industry, attracted like other foreigners by the country's efficient infrastructure base, skilled labour and a favourable taxation and tariff system.
The increased cooperation will support first-time Japanese investors as well as those expanding their present business. About 7,000 Japanese firms now have investments in Thailand.
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