- MoU signed during the visit of the Hon. Prime Minister of Thailand, Prayut Chan-o-cha to India.
- First Indian private sector bank to sign a MoU with a Thai bank.
- MoU to enhance cooperation between the Banks in the areas of Trade & Investment and other businesses.
Mumbai, June 17, 2016: Axis Bank, India’s third largest private sector 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. 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 Mr. Sidharth Rath, Group Executive – Corporate & Transaction Banking, Axis Bank and Mr. Preedee Daochai, Board Director & President, KBank in New Delhi, during the three day visit of the honourable Prime Minister of Thailand, Prayut Chan-o-cha to India.
Commenting on the occasion, Mr. 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.”
Mr. Predee Daochai 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.
Axis Bank has focussed on leveraging trade and economic relationships with banks in other geographies, for providing better and convenient service to its retail and corporate customers. The bank in past has tied up with China Development Bank (CDB), DBS Bank (Singapore), Samba Financial Group, Bank Albilad (Saudi Arabia), Nong Hyup Bank (South Korea)and Maybank (Malaysia).