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Kasikornbank sets up locally incorporated Chinese unit

Thailand's Kasikornbank PCL is setting up a headquarters in Shenzhen after receiving a license to locally incorporate a bank in China, the Bangkok Post reported Dec. 4, citing the bank's chairman, Banthoon Lamsam.

The Thai bank's Chinese subsidiary, Kasikornbank China Co. Ltd., will have branches in Shenzhen, Chengdu, Shanghai and Hong Kong, a sub-branch in Longgang and representative offices in Beijing and Kunming.

The license will allow Kasikornbank to more swiftly expand branches, upgrade representative offices to branches, as well as offer more comprehensive services to its customers, Banthoon said.

The lender also plans to apply for a retail banking licence from China's regulator in two years, said Vongpat Bhuncharoen, president of Kasikornbank China.

In addition to providing its traditional financial business in China, the Thai bank also looks to partner with Chinese financial technology companies to build a digital banking platform to promote digital payments, China Daily reported Dec. 2.

Kasikornbank also aims to set up a regional settlement center to carry out cross-border settlement of foreign currency in ASEAN plus China, Japan and South Korea.