Joint venture deal marks Korean banking’s return to Thailand after 25 years
Kakao Bank is moving deeper into Southeast Asia through a joint venture with Thailand’s fintech group SCBX to launch a digital bank.
The Korean lender said Thursday that CEO Yun Ho-young and SCBX CEO Arthid Nanthawithaya held a signing ceremony in Bangkok on Wednesday to formalize the deal. Under the agreement, Kakao Bank will initially take a 10 percent stake in the new entity and plans to gradually increase its holding to 24.5 percent, becoming the second-largest shareholder.
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