Latest news with #GulfDevelopment
Business Times
19 hours ago
- Business
- Business Times
Top Thai billionaires-backed groups win digital bank permits
[BANGKOK] Three groups led by Charoen Pokmhand Group, Gulf Development and SCB X have clinched Thailand's new virtual bank licences to boost competition in the nation's banking industry, according to the central bank. ACM Holding, which is part of CP Group, and Advanced Info Service, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday (Jun 19). SCB X, which formed a consortium that includes China's WeBank and South Korea's KakaoBank, also obtained the virtual bank licence. 'We have high hopes that the new licences will increase competition in the banking industry with new innovation and technology,' deputy governor Roong Mallikamas told a press briefing. The announcement came amid a fresh political turmoil in the country that puts the current government on the brink of collapse. The nation is opening its banking industry to more competition that will allow greater access to loans for under-served consumers, following similar moves across Asia. Still, the new virtual banking operators will confront a landscape where traditional lenders are saddled with rising bad loans and weakening credit demand on the back of a soft economy. The timing of these permits is 'tricky and throws up a number of challenges,' said Sarah Jane Mahmud, a senior bank analyst at Bloomberg Intelligence. 'Singapore digital banks have yet to break even, three years after going live,' she said. 'With hefty investment in digital platforms and marketing, Thai digital banks could face a longer wait to generate profit.' Singapore handed out digital banking permits in 2020, followed by the Philippines and Malaysia. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Low-income individuals and small business will also have a greater access to new credit by the new operators of virtual banks, said Roong. The Chearavanont family, which controls CP Group, is one of Asia's richest clans, according to the Bloomberg billionaires Index report. It has businesses spanning from foods and retail to telecommunication and properties. It forayed into digital payment and financial services through fintech unit Ascend Money, with more than 50 million customers in Thailand and six other South-east Asian countries. Gulf Development, controlled by billionaire Sarath Ratanavadi, was created earlier this year by combining his empire – ranging from power to seaports, tollways and telecommunication – under one roof with the goal to accelerate his expansion in digital infrastructure such as data centres. Sarath is Thailand's second-richest person with a net worth of USUS$11 billion. Joining Sarath's group in the bid are Krung Thai Bank and PTT Oil and Retail Business, according to the central bank's statement. BLOOMBERG
Bloomberg
a day ago
- Business
- Bloomberg
Top Thai Billionaires-Backed Groups Win Digital Bank Permits
Three groups led by Charoen Pokphand Group, Gulf Development Pcl and SCB X Pcl have clinched Thailand's new virtual bank licenses to boost competition in the nation's banking industry, according to the central bank. ACM Holding Co., which is part of CP Group, and Advanced Info Service Pcl, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday. SCB X, which formed a consortium that includes China's WeBank Co. Ltd. and South Korea's KakaoBank Corp, also obtained the virtual bank license.
Entrepreneur
22-05-2025
- Business
- Entrepreneur
Gulf Development Increases Stake in Kasikornbank to $610 Million
Gulf Development PCL has significantly increased its investment in Kasikornbank PCL, acquiring a stake worth approximately $610 million. The move positions Gulf Development as the third-largest shareholder in the commercial... This story originally appeared on Calendar Gulf Development PCL has significantly increased its investment in Kasikornbank PCL, acquiring a stake worth approximately $610 million. The move positions Gulf Development as the third-largest shareholder in the commercial lending institution. The company, controlled by Sarath Ratanavadi, Thailand's wealthiest individual, has strategically expanded its financial portfolio through this substantial investment in one of Thailand's major banking entities. Strategic Investment in Thailand's Banking Sector This investment represents a notable shift in Gulf Development's holdings and signals potential interest in diversifying beyond its traditional business areas. By securing the position of the third-largest shareholder, Gulf Development gains significant influence within Kasikornbank's corporate structure. Financial analysts view this move as part of Ratanavadi's broader strategy to strengthen his business empire's presence in Thailand's financial services sector. Thailand's banking industry has shown resilience despite economic challenges in recent years, making it an attractive investment target for major business groups. Ratanavadi's Growing Business Empire Sarath Ratanavadi has built his fortune primarily through energy and infrastructure investments. His main business vehicle, Gulf Energy Development, has established itself as one of Thailand's largest private power producers. The billionaire's business approach typically involves: Strategic investments in essential infrastructure Diversification across complementary sectors Building minority stakes before increasing influence This latest investment in Kasikornbank follows a pattern of calculated moves into various sectors of the Thai economy, allowing Ratanavadi to expand his influence across multiple industries while managing risk through diversification. Implications for Kasikornbank For Kasikornbank, having Gulf Development as a major shareholder brings stability and potential new business directions. The bank, which ranks among Thailand's largest financial institutions, may benefit from stronger connections to Gulf's industrial and energy clients. Banking experts suggest this investment could enhance cooperation between Kasikornbank's financial services and Gulf Development's extensive business network. Such synergies might include preferential financing for Gulf-related projects or joint ventures in financial technology. This investment creates opportunities for both organizations to leverage each other's strengths,' noted a Bangkok-based financial analyst familiar with the transaction. The $610 million stake represents a substantial financial commitment and demonstrates strong confidence in Kasikornbank's long-term prospects and management. As Thailand's economy continues to evolve, this partnership between one of the country's wealthiest business leaders and a significant financial institution may shape future developments in both the banking sector and the broader Thai economy. The transaction also highlights the ongoing trend of industrial conglomerates increasing their stakes in financial services companies across Southeast Asia. The post Gulf Development Increases Stake in Kasikornbank to $610 Million appeared first on Calendar.
Forbes
20-05-2025
- Business
- Forbes
Billionaire Sarath Ratanavadi's Gulf Development Becomes Kasikornbank's Third-Largest Shareholder
A Gulf Development gas-fired power plant. Gulf Development—controlled by billionaire Sarath Ratanavadi-has increased its stake in Kasikornbank—making the energy and telecommunications giant the lender's third-largest shareholder. Bangkok-listed Gulf Development bought an additional 0.5% stake in Kasikornbank, raising its stake in Thailand's third-largest bank by assets to 5.2%, the company said in a regulatory filing. The investment is part of the continuing diversification strategy at Gulf Development, a power producer founded by Sarath in 2007. Since then the company has grown to become one of Thailand's largest conglomerates with interests in telecommunications, and digital infrastructure. It is the top shareholder of Advanced Info Service, the country's No. 2 mobile carrier by revenue. Beyond traditional financial services, Kasikornbank provides Gulf a potential virtual banking platform. Kasikornbank also owns a 38.3% stake in non-listed Muang Thai Life Assurance, which generated 5.6 billion baht ($169 million) net profit on 91.9 billion baht in revenues in 2024. 'We see this as a strategic long-term positioning move. Gulf is evolving into a national-scale infrastructure conglomerate—now covering power, telecom, satellite, banking, and potentially life insurance,' said Wetid Tangjindakun, analyst at KGI Securities (Thailand). 'Given the scarcity of quality growth names in Thai equities, Gulf stands out as a proxy for Thailand's structural digital and infrastructure evolution.' Gulf has been scaling up its investments in digital infrastructure. Last June, it partnered with Alphabet's Google to build artificial intelligence-powered cloud facilities in Thailand. Gulf Binance, a partnership between Gulf Energy and billionaire Chanpeng Zhao's Binance, started a crypto currency exchange in Thailand last year. With a real-time net worth of $12.9 billion, Sarath is among the wealthiest in Thailand. Bulf of his fortunes comes from his stake in Gulf, which has a market capitalization of about $22 billion.
Forbes
20-05-2025
- Business
- Forbes
Thai Energy Billionaire Becomes Kasikornbank's Third-Largest Shareholder
A Gulf Development gas-fired power plant. Gulf Development—controlled by billionaire Sarath Ratanavadi-has increased its stake in Kasikornbank—making the energy and telecommunications giant the lender's third-largest shareholder. Bangkok-listed Gulf Development bought an additional 0.5% stake in Kasikornbank, raising its stake in Thailand's third-largest bank by assets to 5.2%, the company said in a regulatory filing. The investment is part of the continuing diversification strategy at Gulf Development, a power producer founded by Sarath in 2007. Since then the company has grown to become one of Thailand's largest conglomerates with interests in telecommunications, and digital infrastructure. It is the second-biggest shareholder of Advanced Info Service, Thailand's No. 2 mobile carrier by revenue. Beyond traditional financial services, Kasikornbank provides Gulf a potential virtual banking platform. Kasikornbank also owns a 38.3% stake in non-listed Muang Thai Life Assurance, which generated 5.6 billion baht ($169 million) net profit on 91.9 billion baht in revenues in 2024. 'We see this as a strategic long-term positioning move. Gulf is evolving into a national-scale infrastructure conglomerate—now covering power, telecom, satellite, banking, and potentially life insurance,' said Wetid Tangjindakun, analyst at KGI Securities (Thailand). 'Given the scarcity of quality growth names in Thai equities, Gulf stands out as a proxy for Thailand's structural digital and infrastructure evolution.' Gulf has been scaling up its investments in digital infrastructure. Last June, it partnered with Alphabet's Google to build artificial intelligence-powered cloud facilities in Thailand. Gulf Binance, a partnership between Gulf Energy and billionaire Chanpeng Zhao's Binance, started a crypto currency exchange in Thailand last year. With a real-time net worth of $12.9 billion, Sarath is among the wealthiest in Thailand. Bulf of his fortunes comes from his stake in Gulf, which has a market capitalization of about $22 billion.
