Thailand's Kasikornbank PCL is looking to acquire a 35% stake in Myanmar-based Ayeyarwaddy Farmers Development Bank PCL, or A Bank, Myanmar Times reported Jan. 13, citing government data.

The Thai bank has sought the approval of Myanmar's central bank for the proposed investment.

The acquisition will allow Kasikornbank to expand its reach in Myanmar, as well as promote bilateral trade between Thailand and Myanmar, the publication reported.

In early 2019, the Central Bank of Myanmar allowed foreign banks to hold stakes of up to 35% in local banks.