Thai banks not “materially” affected by Myanmar earthquake

It only brought limited property damage and business disruption to Thailand, Moody’s said.

Banks in Thailand are not expected to feel the strain brought about by the strong earthquake that hit Myanmar on 28 March 2025, according to Moody’s Ratings.

The earthquake brought only “limited property damage and business disruption” in Thailand, the ratings agency said in a report.

“Thai banks do not have a significant exposure to Myanmar, which experienced severe destruction of properties and loss of lives,” Moody’s said.

Thai banks also do not have material exposures to Myanmar, and domestic property and casualty insurers who will likely experience increased claims.

Most of the major Thai banks that Moody’s Rate—namely Bangkok Bank, Bank of Ayudhya, KASIKORNBANK, and Krung Thai Bank— do hold strategic equity investments in P&C insurers.

“However, the stakes mostly amount to minority ownerships and account for a very small percentage of the banks' assets,” it said.

BKI Holdings Public Company Limited (BKIH), in which Bangkok Bank holds a roughly 10% stake, is one of the insurers that will face a claim associated with the collapse of an incomplete government building. However, the claim amount will be manageable for BKIH partly because of syndication and reinsurance, Moody’s said.

On 31 March, six major Thai organizations, comprising industry bodies, financial regulators and the local stock exchange, declared that most of the assessed buildings remain structurally sound and a majority of companies have fully resumed operations, including banks.

However, lingering economic effects of the earthquake could still affect Thai banks.

“A further recovery in Thailand's tourism sector, which is a major driver of the economy, could be hindered as foreign visitors delay or cancel their trips,” Moody’s said.

It also noted concerns over the structural integrity of some high-rise buildings in Bangkok, which could weigh down on the city's condo prices.