Kbank shrugs off reranking
Kasikornbank has shrugged off its slide to fourth-largest bank after Siam Commercial Bank passed it in terms of assets.
"Rankings can always move up and down. We don't worry about our rankings. Asset quality is our concern," said Prasarn Trairatvorakul, president. "Kasikornbank is already in foreigners' minds as one of the country's large banks. But, I admit that the ranking issue has somewhat worsened the bank's image as foreign businessmen always choose to use the services of large banks.As of January 31, Siam Commercial Bank reported Bt909 billion in assets, compared to Kbank's Bt867 billion. Market observers said that the sharp increase in Siam Commercial Bank's assets could reflect its financial support of Temasek Holdings' acquisition of a 49-per cent stake in Shin Corp from the Damapong and Shinawatra families. The two families are believed to have deposited the cash proceeds from the sale in the bank. Somruedi Banchongduang The Nation
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