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Economy

Kasikornbank takes 10% stake in Bank Maspion Indonesia

Thai lender to draw on the 50-branch network in the country

Kasikornbank President Predee Daochai, right, and Maspion Group Chief Executive Alim Markus signed an agreement on a capital tie-up in Bangkok on Aug. 28. (Photo by Yukako Ono)

BANGKOK -- Kasikornbank, Thailand's fourth-largest bank by assets, said Monday that it will buy a 9.99% stake in Bank Maspion Indonesia, the listed banking arm of midsize Indonesian conglomerate Maspion Group for $20 million.

The deal will give Kasikornbank access to a country where many Thai companies are active investors.

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