Kasikornbank (KBank) is exploring life insurance
opportunities in Myanmar and Cambodia as part of a fast-track strategy
to prepare for the Asean single market in 2016.
Vice-president Krisada Lamsam said the group is unable to flex its
muscle as a full-range financial service provider abroad due largely to
intensified competition and regulations in the region, so it needs to
determine which business is right for certain areas.
KBank found insurance opportunities in Myanmar after dipping a toe in
the water by opening a representative office in Yangon in January, he
said.
The easing of regulations on financial services in Cambodia in recent years also caught KBank's eye.
KBank, the country's third-biggest lender by assets, is a major shareholder of Muang Thai Life Assurance.
It owns a 51% stake in Muang Thai Fortis Holding, which in turn holds
a 75% stake in Muang Thai Life Assurance, and KBank directly owns
32.25% of the life insurer.
KBank has cooperated with Muang Thai Life Assurance to offer life
insurance through KBank's bancassurance channel and as a sale agent of
Muang Thai Life.
It expects 45% of its customer base of 10.9 million accounts to hold Muang Thai life insurance policies within two years.
For the first quarter, KBank's net fee and service revenue rose by
29.5% year-on-year to 7.14 billion baht, while the SET-listed bank's
overall revenue rose by 28.5% year-on-year to 33 billion baht.
Shares of KBANK closed yesterday on the SET at 207 baht, down four baht, in trade worth 663 million baht.
source: Bangkok Post
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