Mumbai,Jun 17 (IBNS): Private sector bank Axis Bank has signed a Memorandum of Understanding (MoU) with Kasikorn Bank (KBank), Thailand, headquartered in Bangkok, Thailand.
KBank is the fourth largest bank in Thailand with an asset base of $ 75 billion, an official release stated.
The MoU will serve to strengthen existing ties between the two banks and will help facilitate and enhance cooperation in the areas of Trade, Investment and other businesses.
The MoU was signed by Sidharth Rath, Group Executive - Corporate & Transaction Banking, Axis Bank and PreedeeDaochai, Board Director & President, KBankin New Delhi, during the three day visit of Prime Minister of Thailand Prayut Chan-o-cha to India.
Commenting on the occasion, Rath, said, "Thai Companies are increasingly becoming a part of India’s economic growth. Axis Bank is excited to be associated with Kasikorn Bank and this Memorandum of Understanding will further reinforce the trade and economic ties between both countries. This alliance will help us in providing a seamless service proposition to our mutual customers.”
PredeeDaochai added: “The MoU signed between KASIKORNBANK Public Company Limited and Axis Bank Limited will create a platform for partnership development in various spheres of inter-banking cooperation and facilitate joint projects as well as trade flows between India and Thailand. We view Axis Bank as a trusted partner to develop the relationship between our countries. The signed Memorandum of Understanding emphasizes KBank’s intention to facilitate the business and cooperation with India."
"The MoU will be first of its kind between a private sector bank in India and a Thai Bank. In the ASEAN region, Thailand is one of the strong trade partners of India after Singapore, Indonesia and Malaysia. The fast growing Indian market remains attractive for Thai investors, given the vast opportunities available in the infrastructure sector, real estate, tourism and retail industries," the statement said.