Kasikornbank Public Company Limited (SET: KBANK) announced on Thursday that it has signed an MOU with Carabao Conglomerate to establish a joint venture that will provide financial services to retail consumers, grocery stores, and suppliers within Carabao Conglomerate’s ecosystem.
Following the establishment, KBANK through Kasikornbank Financial Conglomerate will hold more than 50 percent of the shares in order to hold a controlling interest in said joint venture.
The Bank of Thailand granted approval for the joint venture establishment on May 27, 2022.
“The objectives of this joint venture is to provide financial services for retail customers, grocery stores, and suppliers in the ecosystem of Carabao Conglomerate in order to make financial services more accessible to retail customers in community areas, including providing support to retail businesses and driving community economic development across Thailand,” according to a statement released on Thursday.
In addition to the joint venture establishment, Kasikornbank Financial Conglomerate is in the process of considering a joint investment plan with TD Tawandang Company Limited in order to strengthen the business of TD’s retail stores.
The establishment of the joint venture, the investment in TD Tawandang Company Limited, and all financial support to Carabao Conglomerate will total approximately THB15,000 million.
