Thailand’s Krungsri burgeoning beyond borders, expansion in Cambodia mulled

Krungsri, the marketing name of Bank of Ayudhya Plc (BAY), positions itself as a regional bank under its medium-term business plan.

The bank capitalises on the financial expertise and international networks of its Japan-based parent, Mitsubishi UFJ Financial Group (MUFG), to expand its presence in the region.

The three mega-trends of the Asean market — high economic growth potential, Asean connectivity, and the positive growth of smartphone and mobile banking users — will facilitate Krungsri’s business expansion in the region, said Pairote Cheunkrut, Krungsri’s chief strategy officer.

Mr Pairote said the bank would grow its regional business under the strategy of Taking Krungsri Beyond Thailand through regional investment. Krungsri currently has a presence in five regional markets: Laos, Cambodia, Myanmar, the Philippines, and Vietnam.

The bank invested in Cambodia in 2016…