Kasikornbank bank buys 67% of Indonesian bank, Bank Maspion

One of Thailand’s premier banks, Kasikornbank, has purchased majority shareholding in Indonesian bank, Bank Maspion, for US$220 million. The agreement should be completed by the end of the year, with Kbank owning 67.5% of Maspion shares. Two years ago, rival competitor Bangkok Bank splashed almost US$2.3 billion baht in an Indonesian bank, Bank Permata.

Following a plan to spend US$20 million on Bank Maspion in 2017, the current arrangement will allow Kbank to develop a stronger presence in Indonesia. Kbank launched its first facility in Vietnam in 2021 and is expanding into Myanmar after purchasing a 35% share in Ayeyarwaddy Farmers Development Bank in 2020.

Following the announcement, Bank Maspion Indonesia’s stock jumped more than 10% this morning. Indonesia is the largest economy in Southeast Asia, and is a key target of investors. With the domestic economy stalling due to low interest rates and high debt, Thailand seeks investment elsewhere.

SOURCE: Bangkok Post

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.


Pete is a writer for The Thaiger, and he writes various topics from news, travel and property. His main focus is writing about Thai news, and what is happening in Thailand.