Krungsri extends nearly $500 million credit line to Ha ha Bank
KRUNGSRI (Bank of Ayudhya PCL and its business units) on January 16, 2024, announced a new $300 million credit line for Hattha Bank to support its business operations.
Hattha Bank – a wholly owned subsidiary of Krungsri and one of the top five commercial banks in Cambodia – has, in addition to the existing credit line from its parent group, received a total of nearly $500 million.
Bank of Ayudhya, branded and known as Krungsri, is the fifth largest financial group in Thailand in terms of assets, loans and deposits, and is a member of Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest financial groups.
The financing is not only further testament to Krungsri’s commitment to becoming a prominent financial entity in the ASEAN region, but also enables Hattha Bank to extend its business operations to target customers in Cambodia.
These include in particular micro, small and medium enterprises in sectors such as agriculture, agroindustry, services and trading, where there is a need for capital to support operations and expansion efforts with the global economic outlook one of uncertainty.
“Our strategic credit line extension to Hattha Bank, one of the key players in our ASEAN portfolio,
aligns with our commitment to supporting Hattha Bank in serving the evolving financial needs of customers in Cambodia and reaffirming our position as a regional bank.
“We believe that – through the synergy of Krungsri’s distinctive financial expertise and Hattha Bank’s local business experience – Hattha Bank will drive the Cambodian economy towards sustainable growth,” said Krungsri President and CEO Kenichi Yamato.
Hattha Bank President and CEO Oknha Hout Ieng Tong highlighted
the significance of the additional financing.
“The addition of the new credit line, an almost $500 million facility from Krungsri, is crucial as it enhances Hattha Bank’s ability to grow our assets and to further align our operations with our business plan,” he said.
Oknha Hout Ieng Tong also emphasised how the amount of the credit line underscores the ambition of Krungsri to expand its business operations and its presence in the ASEAN region.
Hattha Bank remains committed to effectively executing the right
strategies to achieve its vision of becoming the preferred choice for customers in Cambodia for their daily financial and business needs.
About Ha ha Bank
Hattha Bank, a commercial bank with a presence in Cambodia for nearly 30 years, offers a comprehensive range of financial services to its customers.
In the fourth quarter of 2023, Hattha held the position of the fourth largest commercial bank based on its operational offices, while it has successfully maintained its strong standing among the top eight banks
in Cambodia in terms of both loan and deposit balances.
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 is one of Thailand’s six Domestic Systemically Important Banks (D-SIBs), with a 78-year 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 organisations.