The largest Sino-Thai factoring service.
Kasikornbank struck a memorandum of understanding with 19 partner banks in China to jointly develop this and boost lending by upto Bt29 billion.
Under the agreement, the banks would facilitate loan purchases and collection on behalf of one another. They also agreed to provide other business loans, to facilitate business expansion in the countries.
Banthoon Lamsam, president and CEO of the Kasikornbank, said that the cooperation is driven by greater integration of Asean and the region with China, Korea and Japan.
China is now Thailand’s second biggest export market and in line with growing connectedness of the two economies, KBank sees the need to introduce a variety of financial products particularly for those involved in the export-import industries.
Banthoon said that the network should be able to boost the factoring business by about Bt29 billion, which would benefit the bank as well as exporters-importers.
The 19 Chinese banks were Industrial and Commercial Bank of China, Agricultural Bank of China Limited, Bank of China-H.O., China Construction Bank, Bank of Communications, China Development Bank, Industrial Bank Co., Bank of Dalian Co., Bank of Jiangsu Co., The Export-Import Bank of China, China Merchants Bank Co., China Minsheng Banking Corporation, Shanghai Pudong Development Bank, Bank of Shanghai Co., Ping An Bank Co., China Everbright Bank, Hua Xia Bank Co., China CITIC Bank, and China Guangfa Bank Co.
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