KBank PRIVATE BANKING service for Chinese High Net Worth Individuals in Thailand

Stocks and Financial Services Press Releases Thursday March 15, 2018 14:29
Bangkok--15 Mar--KASIKORNBANK

KASIKORNBANK (KBank) announces its first launch of private banking service for customers of Chinese descent in Thailand, emphasizing advisory service on family wealth management, investment and privilege provision. With a total of 10 million Chinese customers, there are ample opportunities in this market and the aggregate AUM is expected to reach THB12.5 billion. Therefore, KBank aims to become the best private banking service provider for this customer segment.

Mr. Banthoon Lamsam, KBank Chairman of the Board, said KBank has tapped into the private banking market for High Net Worth Individuals (HNWIs) of Chinese descent in Thailand, which is home to one of the largest ethnic Chinese populations in the world. Since their settlement in this country, many of them have prospered from their business operations, while new generation of Chinese have also chosen Thailand as their investment and production bases. Therefore, KBank has foreseen promising opportunities in this market and planned to offer comprehensive private banking service, particularly financial and investment advisory. Aimed to be Thailand's first International Comprehensive Wealth Management Service based on world-class standards, this facility will benefit from KBank's partnership with Lombard Odier – a world's renowned private banking service institution with 222 years of international experience.

Our private banking service for Chinese HNWI customers covers three areas, namely family wealth planning, investment advisory and privileges. Aside from an access to world-class information, such customers will be given opportunities to build business networks and participate in "money can't buy experience" activities via our investment expert team that has thorough understanding about the needs of Chinese clients and our Chinese speaking private bankers, who are exclusively charged with taking care of this customer segment. These efforts are part of KBank's endeavor to become the best private banker for Chinese residing in Thailand. At present, there are approximately 10 million Chinese and Thais of Chinese descent in Thailand. Of this total, KBank has provided private banking service to around 90 HNWIs and Chinese-speaking clients in Thailand with a total AUM of some THB4 billion. In addition, around 1,400 Thai Chinese clients use THE WISDOM card of KBank. If KBank can increase the number of private banking clients in this customer segment, the combined AUM from Thai Chinese customers is expected to reach THB12.5 billion. Regarding the overall private banking business in 2017, KBank had 10,500 customers with AUM of THB750 billion, representing a 34-percent market share of all HNWIs in Thailand.

Mr. Banthoon said the effort to push forward the Eastern Economic Corridor (EEC) and One Belt, One Road development will create an opportunity for Thailand and China to cooperate in trade, investment and tourism, further attracting a large number of Chinese businesspeople to set up their business in Thailand. Nonetheless, Thai Chinese and Chinese investors in Thailand tend to focus on managing their business to gain prosperity and have no time or lack expertise in private wealth management or family wealth planning, and they sometimes miss an opportunity to earn satisfactory returns or to achieve stability in their assets. Therefore, KBank's cooperation with Lombard Odier, our key strategic partner, to provide private banking service to HNWIs will help fulfill our customers' business goals and further complete their personal lifestyles.

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