New Delhi, Jun 17 Axis Bank today said it has signed an agreement with Thailand's Kasikorn Bank to enhance cooperation in trade and investment. Axis Bank, has signed a Memorandum of Understanding (MoU) with Kasikorn Bank (KBank), Thailand, headquartered in Bangkok, the former said in a statement.
"The MoU will serve to strengthen existing ties between the two banks and will help facilitate and enhance cooperation in the areas of trade, investment and other businesses", it added. The agreement between the two banks were signed as the Thailand Prime Minister Prayut Chan-o-cha is on a three-day visit to India.
Axis Bank said it is the first private sector bank to ink an MoU with the Thai bank. KBank is the fourth largest bank in Thailand with an asset base of USD 75 billion.
The MoU was signed by Sidharth Rath, Group Executive - Corporate & Transaction Banking, Axis Bank and Preedee Daochai, Board Director & President, KBank in New Delhi. "Thai companies are increasingly becoming a part of India's economic growth.
Axis Bank is excited to be associated with Kasikorn Bank and this MoU will further reinforce the trade and economic ties between both countries.
This alliance will help us in providing a seamless service proposition to our mutual customers", Rath said.
Daochai said: "The MoU will create a platform for partnership development in various spheres of inter-banking cooperation and facilitate joint projects as well as trade flows between India and Thailand." The MoU emphasises KBank's intention to facilitate the business and cooperation with India, he said.
In the ASEAN region, Thailand is one of the strong trade partners of India after Singapore, Indonesia and Malaysia.
The fast growing Indian market remains attractive for Thai investors, given the vast opportunities available in the infrastructure sector, real estate, tourism and retail industries.