Bank of Ayudhya, Thailand’s fifth-largest commercial lender, noted in a financial statement on Friday that it was expecting a performance boost for the rest of the year following its acquisition of Cambodian microlender Hattha Kaksekar Ltd (HKL) in September.
The Thai bank, which is also known as Krungsri Bank, posted a quarterly net profit increase of 10.6 percent on last year’s figures.
“With the successful acquisition of HKL, a meaningful regional traction is being realised,” said Bank of Ayudhya President and CEO Noriaki Goto.
“Krungsri now has a local presence in Cambodia, Laos and Myanmar. Krungsri revises loan growth target upward from 5 to 6 percent to 8 to 9 percent including consolidated loans from HKL,” he added.
The acquisition of HKL—Cambodia’s fourth-largest microfinance institution with 150 branches and $446 million in assets according to its 2015 annual report—reportedly cost Krungsri upwards of $140 million, with the official price yet to be released to the public.
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