COM7 teams up with its major partner KBank to expand more branches Pioneering comprehensive retail and financial businesses

Stocks and Financial Services Press Releases Monday May 7, 2018 13:12
Bangkok--7 May--KASIKORNBANK

COM7 teams up with KBank to expand BaNANA store branches to cater to the modern lifestyle, enabling the new generation to access IT products and services more conveniently. The duo are confident that this collaboration is a win-win strategy, contributing to greater efficiency in expanding distribution channels, cutting cost and boosting business opportunities. COM7 and KBank have launched their first BaNANA pilot branch in Yasothon and so far received positive feedback. Building on the upbeat momentum, the two plan to have 20 venues with KBank mini-branches by the year-end, unveiling new dimension with more diverse retail business and comprehensive financial service in Thailand.

Mr. Sura Khanittaweekul, Chief Executive Officer, COM7 Public Company Limited (COM7), Thailand-based IT retail giant operating BaNANA, Studio 7, BKK, iCare and Brand Shop stores, revealed that the company's IT and smartphone retail business shows a solidly bright prospect thanks to COM7's strategy to increase product lines and boost comprehensive services to respond to the lifestyle of the new generation. In addition, the company has the most extensive branch network in Thailand, targeting to achieve 600 branches under its management by the end of 2018, up from 434 in the previous year, presenting strength of excellent products and services to reach out to customers nationwide and being able to add value to other businesses.

COM7's announcement to cooperate with KBank - Thailand's leading financial institution and COM7's important business partner - in the expansion of BaNANA branches is based on strengths of both parties. The branch that the company collaborates with KBank is a prototype of the first IT retail store in Thailand that offers financial services, being a new kind of hybrid between retail and financial businesses, aimed at meeting the current digital lifestyles of customers and building future success in other businesses.

"COM7 has an expertise in retail and IT businesses with branches located cross Thailand, in particular upcountry, and products covering all customers' needs. The company also engages in e-commerce and related businesses to support sales. COM7's customer base has grown steadily every year. The collaboration with KBank in expanding the new type of BaNANA branches represents the company's pilot business model, given that it will be the first retail store of its kind in the country that offers both IT products and financial services. We are of the view that this cooperation will help the two organizations achieve other successes in the future, based on mutual benefit derived from offering greater convenience for our customers to purchase IT products and use financial services", said Mr. Sura.

However, COM7 has set up an income growth target at not lower than 15 percent over 2017, wherein total income stood at THB22.584 billion and net profit of the COM7 Public Company Limited (COM7) amounted to THB608.8 million, also a record high of both records.

Mr. Vallop Vongjitvuttikrai, KBank Executive Vice President, said KBank's mini-branch opening at BaNANA shops of COM7 PLC. is a joint effort of the two organizations in enhancing the potential of branch channel and service pattern to get access to new customers, especially in provincial areas. This collaboration is aimed at increasing business traffic from both parties' customers, via facilitation of comprehensive service from buying IT items to conducting financial transactions at a single spot, thus responding to consumers' modern lifestyle with thriving financial transactions via bank branches in shopping venues. The first mini-branch, opened in Tesco Lotus Supermarket, Yasothon, can offer full service provision that is equal to normal branches, for example, account opening/closing, deposit/withdrawal/transfer of funds, application for debit/credit cards, application for personal loans, mutual fund trading, foreign exchange and cross-border funds transfer. In March 2018, the amount of account opening per month was 20 percent higher than that of normal branches. With their skills in IT goods, BaNANA staff can also assist KBank customers by advising them about the installation and utilization of K PLUS app.

Mini-branches will provide full services, but with lower costs by at least 50 percent than normal branches, given a space of only 25-30 square meters and staff of 3-4 persons/branch. KBank plans to open another 20 mini-branches at BaNANA shops, with focus on potential provincial areas. By the end of 2018, new mini-branches are expected to open in Yasothon, Chaiyaphum and Chon Buri.


Latest Press Release

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Photo Release: Krungsri Asset Management wins Best Asset Fund Manager 2018 from Alpha Southeast Asia

Miss Siriporn Sinacharoen, Managing Director, Krungsri Asset Management Company Limited received the Best Asset & Fund Manager Award 2018 from Alpha Southeast Asia magazine at a presentation ceremony on 18 September 2018. Behind-success factors...

Bangkok Bank Public Company Limited Offshore Offering and Issuance of US$1.2 Billion Senior Unsecured Notes under its US$3,000,000,000 Global Medium Term Note Program

Bangkok Bank Public Company Limited (the Bank), acting through its Hong Kong Branch, has offered and issued the following 2 tranches of US$1.2 billion senior and unsecured notes (the Notes) under its US$3,000,000,000 Global Medium Term Note Program to...

KBank-Visa to pilot blockchain based B2B payments

Kasikornbank is the first Thai bank in the pilot designed to simplify the cross-border payments, making it more transparent Visa today announced Kasikornbank is the first Thai financial institution to join the Visa B2B Connect pilot program. Visa B2B...

Photo Release: KBank offers financial facility to a leading plastic packaging company

At KBank Head Office, Mr. Thawee Teerasoontornwong (5th from right), KBank Executive Vice President, Mr. Wiwatana Panithansirikul (5th from left), Chief Executive Officer, and Ms. Suporn Panithansirikul (4th from left), Executive Director of S.P. PetPack...

Related Topics