Hattha Kaksekar, Krungsri’s subsidiary in Cambodia, converts into Hattha Bank

Stocks and Financial Services Press Releases Tuesday September 8, 2020 15:11
Bangkok--8 Sep--Bank of Ayudhya

Krungsri (Bank of Ayudhya Public Company Limited), a member of Mitsubishi UFJ Financial Group (MUFG), one of the world’s leading financial groups, announced that Hattha Kaksekar Limited, Krungsri’s wholly-owned leading deposit-taking microfinance institution in Cambodia, has successfully achieved regulatory approvals to become a commercial bank under the name of Hattha Bank Plc.

The development marks another key milestone in Krungsri’s journey to pursue regional business expansion and capture growth opportunities in CLMV countries by leveraging local expertise and physical presence together with Krungsri’s established business platform and extensive networks.

Krungsri President and Chief Executive Officer, Mr. Seiichiro Akita, said “We are pleased to announce that, after successfully obtaining all regulatory approvals, Hattha Kaksekar Limited has now become Hattha Bank Plc. 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. Taking Hattha Bank to the next level, Krungsri’s business know-how and robust operating and governance platforms will add a great value in Hattha Bank’s solid fundamentals of local market insights and competitive edges, as well as its strong foothold in Cambodia and highly-capable personnel.”

“We believe that, through the synergy of Krungsri’s distinctive financial expertise and Hattha Bank’s local business know-how and experience, Hattha Bank will play an important role in driving the Cambodian economy toward a sustainable growth path, while providing its people with access to quality financial products and services,” Mr. Akita added.

Hattha Bank Plc. (formerly named Hattha Kaksekar Ltd. - HKL) has been providing financial services to people in Cambodia for over 26 years. It became a part of Krungsri Group family after Krungsri concluded the acquisition of HKL in 2016. The progress underscored Krungsri’s concrete and accelerated step forward to becoming an ASEAN financial powerhouse.

About Krungsri

Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs) with 75 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 683 branches (643 Banking Branches and 40 Auto Business Branches) and over 33,461 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.4 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).

Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.

About MUFG (Mitsubishi UFJ Financial Group, Inc.)

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 2,700 locations in more than 50 countries. The Group has over 180,000 employees, and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.

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