Thailand’s second-largest lender Kasikornbank is reportedly on an overseas hiring spree to fuel growth amid a slowdown in its home market.
Thailand’s Kasikornbank expects to increase staff at its overseas business to about 2,800 by the end of next year – more than triple the current 900 – according to a «Bloomberg» report citing co-president Pipit Aneaknithi. The hiring spree is part of the bank’s broader strategy to boost international revenue from less than 1 percent now to over 5 percent in 2023.
Kasikornbank's foreign operations are currently based primarily in China which also houses a technology and innovation center to develop digital banking capabilities for regional expansion.
Vietnam and Indonesia
According to Pipit, Kasikornbank will mainly seek regional expansion in Vietnam and Indonesia with a focus on mobile phone banking services to small businesses and individual customers.
In Vietnam, it started offering services after obtaining a license from the government in July.
And in Indonesia, Kasikornbank is currently seeking regulatory approval for its plan to raise its stake in local lender Bank Maspion to more than 67.5 percent by end-2022 via a $220 million investment. Part of the expanded staff will include employees from Bank Maspion after taking control, which currently totals about 800.
