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Kasikornbank weighs bid for Citigroupâs Thai retail business
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published : 17 May 2021 at 11:37
updated: 17 May 2021 at 18:32 Kasikornbank head office in Rat Burana district, Bangkok
Thailandâs second-biggest lender is considering a bid for Citigroup Incâs retail assets in the country to expand its wealth management, consumer lending and credit card businesses.
Kasikornbank is interested in the US lender’s business in Southeast Asia’s second-biggest economy and will study the details as soon as the process is open, Chief Executive Officer Kattiya Indaravijaya said in a recent phone interview. “Citigroup’s retail business here has a very large and good customer base.”
Will Kasikornbank purchase Citibankâs retail business arm? 17:47 | 17/05/2021
Kasikornbank â Thailandâs second largest financial institution â is allegedly a potential bidder to purchase Citibankâs retail business arm to increase its foothold in the wealth management, consumer lending, and credit card sectors.
âKasikornbank is interested in the USÂ lenderâs business in Southeast Asiaâs second-biggest economy and will study the details as soon as the process is open. Citigroupâs retail business here has a very large and good customer base,â Kattiya Indaravijaya, CEO of the bank told
Bloomberg.
Acquisitions and regional expansion are key for Kasikornbank, said Indaravijaya, as it fends off rising competition from new entrants into the industry, especially financial technology firms. Any bid for Citiâs retail business assets would only happen if an acquisition creates synergy and adds value t