Kasikorn bank
- Business News
KBank ‘assets’ itself with new ventures amid rising NPLs
Kasikornbank (KBank) is shaking things up and eyeing new profits by tackling its bad assets head-on via joint venture asset management companies (JV-AMCs), as non-performing loans (NPLs) climb higher across the banking scene. Rungruang Sukkirdkijpiboon, KBank’s co-President, spilt the beans that the bank is launching a fresh JV-AMC in partnership with Bangkok Commercial Asset Management (BAM), adding to its current…
- Thailand News
KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
- Thailand News
Economic growth predicted at 3.6% next year in Thailand
Kasikorn Research Center (KResearch) revealed Thailand‘s economic outlook for 2024, which paints a gloomier picture than anticipated. Managing Director and Chief Economist Burin Adulwattana reveals that the global economy is slowing down, impacting global trade. “This is reflected in the deceleration of the manufacturing sector worldwide, especially in China and Germany, which are both heavily reliant on exports.” The Thai…
- Business News
Banking on change: Kasikornbank unveils shakeup with fresh faces and spin-off plans
Kasikornbank (KBank), Thailand’s second-largest lender by total assets, revealed a significant restructuring of its business operations. This includes the introduction of a new president, co-president, and a spin-off strategy. KBank notified the Stock Exchange of Thailand (SET) yesterday about the appointment of Chongrak Rattanapian to the position of president and executive director, effective from August 29. Chongrak, with over 20…
- Business News
Baht volatility looms amid political risk and new government formation
Kasikornbank (KBank) has warned investors that the formation of a new government and political risk may result in increased baht volatility over the next month. The bank forecasts that the baht will fluctuate between 33.80-35.40 per US dollar during this period due to various internal and external factors. The primary determinant is the direction of the US Federal Reserve’s policy…
- Business News
Kasikornbank halts plans to sell stake in asset management business
Kasikornbank (KBank) Public Company Limited, the second-largest lender in Thailand, has put the plans to sell a share in its asset management business on hold, according to individuals familiar with the situation. Negotiations between KBank, based in Bangkok, and several prospective buyers have reached an impasse due to disagreements on terms of a potential agreement, said those familiar with the…
- Crime News
Police thwart attempt to pull 176 million from bank account
A Cambodian national has been arrested by police in Bangkok for using a fake passport to obtain a new bank passbook. The passbook is believed to be for a bank account with 176 million baht in savings, which is thought to belong to a call centre gang. The police were alerted to the situation on March 24 when it was…
- Crime News
Daughter jailed for 20 years after stealing 250 million baht from her mother
Where there is family there is love, so the slogan says, but this may not be the case for one Bangkok family after a daughter fleeced her sick mother of over 250 million baht. Yesterday, Phra Khanong Criminal Court sentenced Mawadee Sriwirat to 20 years in prison for falsifying documents to steal more than 250 million baht from her mother,…
- Economy News
Economists foresee 38 baht to 1 US dollar this year
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht may fall to 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
- Thailand News
‘Foolish’ Bangkok banker duped out of 1.36 million baht
A Bangkok banker admits she feels ‘foolish” after being scammed out of over 1 million baht while trying to secure a loan for half of that amount. The woman, identified as B, from Lat Phrao district, applied for a personal loan from Kasikorn Bank and soon after received a message via the Line application to secure it by clicking on…
- Crime News
Woman accuses bank of stealing 4 million baht in north Thailand
A Thai woman has accused a bank of stealing 4 million baht from her account in the Khemmarat district of Ubon Ratchathani Province in northeastern Thailand. Wanida Wantaprom yesterday filed a complaint at Khemmarat Police Station after money had been withdrawn from her account at the Kasikorn Bank, Central Rama 2 branch. The mother of one complained to her bank…
- Thailand News
Pattaya residents and expats accuse bank manager of fraud, hold protest
Around 50 to 100 Thais and foreigners in Pattaya held a protest last Friday accusing the assistant manager of a local Kasikorn Bank branch of scamming them out of more than 300 million baht. A report was filed back in February accusing the assistant bank manager of defrauding people out of millions of baht, for some it was their life…
- World News
Thailand News Today | Thailand fallout from Burmese coup | February 3
With potential sanctions and boycotts against Myanmar likely following the military coup, the Thai-Myanmar Business Council says Thai investors are concerned their businesses in the neighbouring country will be affected. As for now, it’s unclear what effect the coup will have on Thai-owned businesses in Myanmar. The country’s economy, already battered by the Covid-19 pandemic, is expected to slow down…
- Pattaya News
Pattaya banker detained on theft charges, allegedly defrauded local expats in investment scam
Pattaya police detained a former assistant manager of a local bank branch after he allegedly scammed numerous foreigners, tricking some of them into investments that led to significant losses and using invalid documents to fake transactions. A group of foreigners filed a complaint with the Pattaya City Police against the bank branch’s former assistant manager Chaisit Sappermphool on fraud charges.…
- Pattaya News
UPDATE: “Hundreds” of investors caught in alleged Kasikorn Bank branch fraud in Pattaya
CORRECTION: In an earlier story about this case we referred to a Chinese man losing 130 BILLION baht in the scheme. The amount was actually 130 MILLION baht. We apologise for the error. Hundreds, perhaps more than 400, investors have been allegedly defrauded by an assistant bank manager at a Kasikorn bank branch in Pattaya. The assistant manager, named in…
- Thailand News
Thailand News Today | Pattaya bank scam & Burmese coup update | February 2
CORRECTION: In the first story Jett referred to a Chinese man losing 130 billion baht. The correct amount was 130 million baht. We apologise for the error. Hundreds, perhaps more than 400, investors have been defrauded by a bank manager at a Kasikorn bank branch in Pattaya. The manager, named in a police report as “Mr. Gob”, was promising investors…
- Economy News
4 Thai banks to be investigated for “suspicious transfers” after FinCEN files report
4 Thai banks are being investigated after an international money laundering report said the Thai banks had “suspicious financial transactions.” The report found 92 “suspicious” transactions in and out of Thailand totalling to $9,558,752 USD received in Thailand and $31,750,000 USD sent out. Files were allegedly leaked from the US Financial Crimes Enforcement Network, known as FinCEN, and journalists from…
- Covid-19 News
UPDATE: SCB becomes third bank to stop exchanging foreign cash
Siam Commercial Bank (SCB) today became the third Thai bank to cease exchanging foreign cash, shut down its exchange booths and quarantine booth staff for fourteen days as a result of the Covid-19 coronavirus outbreak. The move comes after a similar move by Kasikorn Bank over the weekend – see original story below. Yesterday afternoon saw Krungthai Bank follow suit.…
