The two giants have joined hands again. Most recently, KBank or Kasikorn Bank Plc. signed a joint venture agreement to establish a joint venture company with companies in the Carabao business group. The bank’s financial business group will hold more than 50% of the shares and have control over the joint venture company.
The details of the establishment of a joint venture company and joint venture with companies in the Carabao business group indicate that the joint venture established this company. Approved by the Board of Directors meeting on January 27, 2022 and the Bank of Thailand authorized the establishment of a joint venture company on May 27, 2022 and to be a company in the Kasikornbank Financial Business Group. Details of the joint venture are as follows:
- Business type: Financial services business
- Establishment Objective: To provide financial services to retail consumers and merchants of companies in the Carabao business group. This will help develop financial services for people in the community to have access to and receive comprehensive financial services. as well as helping to support retail businesses and drive the economy in communities across Thailand.
In addition to setting up a joint venture company The Bank’s Financial Business Group is preparing to jointly invest with TD Tawandang Company Limited, a company in the Carabao Business Group as well. To develop a retail store “Took Dee with Standards” which the establishment of a joint venture company The joint investment with TD Tawandang Company Limited and the total financial support to the Carabao Business Group will total 15 billion baht.
KBank joins hands with companies in the Carabao business group Continue to develop a community convenience store “cheap, standard” This investment covers joint ventures through investment instruments that give the option to invest in shares ofTD Tawandang Company Limited and prepare to sign a joint venture agreement to establish a joint venture company to provide full credit services Aim for a good shop Standard as a leader in community convenience store business in Thailand Providing comprehensive financial and credit services with a total of 30,000 stores by 2024
Patchara Samalapa Managing Director Kasikorn Bank states that communities outside the city in various provinces It is an area where customers want to use financial services. Some do not have a deposit account. There is no financial evidence to provide access to funding. Or is it an area that the bank branch has not reached yet? The joint venture with companies in the Carabao business group is the bank’s strategy that intends to develop the store.cheap, standardto be the economic center of the community Allowing people in the cycle to be able to shop and use financial services more conveniently Easier access to bank loans Generate revolving income to drive the economy in the community.
The plan to work with Carabao Business Group consists of 3 areas.
- Promote the potential of the shop, cheap, good, have standards, use management technology and payment systems.
- It is a source of funds for daily expenses and various trades. is to take spending information into consideration for credit for customers who do not have proof of regular income
- It is a point of service for daily financial transactions with people in the community.
such cooperation This will increase the Bank’s number of KBank Service points by 30,000 points, which was more than 27,000 points. Currently, service channels are available through 830 branches, 11,000 ATMs and ATMs, and K PLUS, which are used by over 18 customers. million
Investment value of more than 15 billion baht, what do you do?
- Joint investment through investment instruments that give you the option to invest in the shares ofTD Tawandang Company Limited amount 5,000 million baht
- Prepare to sign a joint venture agreementEstablish a joint venture company to provide full credit services. amount 2,000 million baht
- Financial support for companies in the Carabao business group amount 8,000 million baht
Sathien Setthasit, Chairman of the Board, TD Tawandang Company Limited stated that the cooperation between KBank and Took Dee shops with standards will help strengthen the purchasing power of the community The company’s strategy to develop a store is not just modernizing the grocery store. but aiming to be like a platform and a network that connects the needs of people in communities that used to be difficult to reach both financial services Community delivery point Agricultural products service, etc., intending to make the shop cheap. There is a standard as a solution to meet the needs of people in the community based on the concept of “Eat to share, do not collect”. Currently, there are more than 5,000 stores nationwide.
Carabao Group Public Company Limited or CBG also informed the resolution of the Board of Directors Meeting No. 3/22565 on July 21, 2022, essentially concluded that C.J. Express Company Limited (CJ) and TD Company Tawandang Co., Ltd. (TD) These two companies may have conflicts. That is, there are shareholders or directors or executives jointly establishing a new joint venture company, TD Venture Company Limited (TDV) to engage in investment business or hold shares in other companies.
It agreed that TDV entered into a joint venture agreement with Kasikorn Vision Company Limited (KVISION), a subsidiary. 100% held by Kasikorn Bank Public Company Limited (KBANK) to establish a new joint venture company, KASIKORN Carabao Company Limited (KBAO), to operate as planned.
Resolutions approved as follows:
- Approved to invest with CJ and TD to establish TDV with a total registered capital of not more than 2,000 million baht with a par value of 100 baht per share to engage in investment business holding shares in other companies 15% stake or an investment value of not more than 300 million baht, with CJ and TD holding 15% and 70% respectively.
- Approved for TVD to enter into a joint venture agreement with KVISION to establish KBAO with a registered capital of not more than 4,000 million baht with a par value of 100 baht per share to operate the business in accordance with the investment objectives. KVISION holds more than 2 of the issued and paid-up ordinary shares. shares in that company
Source: KBank, CBG
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