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Chinese,Thai banks launch joint
2011-12-29
Brief:Thailand's KBank and China Development Bank signed a business and financial pact,aiming to accommodate lending to large projects in Southeast Asia.
Thailand's Kasikorn Bank (KBank) and China Development Bank signed a business and financial pact on Thursday in Bangkok, aiming to accommodate lending to large projects in Southeast Asia and to improve financial standings and business opportunities for both banks.

Under the Memorandum of Understanding signed by KBank CEO Banthoon Lamsam and CDB executive vice-president Li Jiping at the KBank headquarter, the CDB will provide a reserve of 1.5 billion yuan to KBank's Shenzhen Branch, while an equivalent amount will be granted to the CDB by KBank to support their business expansion into Thailand.

Other aspects of the business cooperation include syndicated loans for large infrastructural projects and related construction to be extended to investors in Thailand, plus the sharing of valuable data, research experience and business innovations, as well as employee skills enhancement and other training, said Banthoon at the signing ceremony.

"All of these are aimed at enhancing the financial strength of both parties and fortifying this business alliance in the future. The cooperation will hopefully facilitate the trade and investment between China and Thailand," he added.

KBank is one of Thailand's top-ranking banks with 810 domestic branches, as well as 8 overseas branches or representative offices.

Xinhua News
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