Krungsri's Hattha Bank clears regulatory hurdle
published : 9 Sep 2020 at 04:00
newspaper section: Business
Bank of Ayudhya Plc (Krungsri), a member of Mitsubishi UFJ Financial Group, announced that Hattha Kaksekar Ltd, Krungsri's wholly owned deposit-taking microfinance institution in Cambodia, has successfully achieved regulatory approval to become a commercial bank under the name Hattha Bank Plc.
"We are pleased to announce that after successfully obtaining all regulatory approvals, Hattha Kaksekar has now become Hattha Bank Plc," Krungsri said. "With the new status, Hattha Bank is eligible to deliver most excellent financial products and services to better meet diverse demands of clients in Cambodia through its financial innovation and inclusion."
Meanwhile, Krungsri will continue to support Hattha Bank through sharing banking business best practices, marketing expertise, product development, sales channel enhancement and risk management.
Krungsri's business know-how and robust operating and governance platforms will add value to Hattha Bank's solid fundamentals of local market insights and competitive edge, as well as its strong foothold in Cambodia and highly capable personnel, said Seiichiro Akita, Krungsri's president and chief executive.
Hattha Bank Plc (formerly Hattha Kaksekar Ltd) has operated in Cambodia for over 26 years. It became a part of Krungsri Group after Krungsri concluded the acquisition Hattha in 2016.