KBank invests in “Ngernturbo”
KBank invests in “Ngernturbo” to help the unbanked and underbanked groups in communities gain more access to financial services for sustainable growth
KASIKORNBANK (KBank) has invested in Ngernturbo Co., Ltd. (“Ngernturbo”) by acquiring 11.111 million shares, or approximately 10 percent of the Company’s total shares. This investment will help strengthen the Company’s financial status and to further support its businesses in retail loan, digital lending, life and non-life insurance brokerage services, promoting financial inclusion among the unbanked and underbanked consumer in communities. Ngernturbo is a company with solid growth and strong applications of technologies in its operations, supporting the Company’s loan approval process allowing its customers to receive loans within one day. Ngernturbo targets by 2023 to expand its branches to at least 1,000 with outstanding loan to more than 12 billion Baht or by more than 50 percent.
Mr. Krit Jitjang, KBank President, said, “As KBank has pressed ahead with a strategic project in order to continuously offer improved financial access to Thais on a broad basis by infusing its status as a “Challenger Bank” within its organization via the use of novel technologies and working formats, as well as promoting other promising companies to offer loan services for unbanked and underbanked consumers,
KBank acquired a total of 11.111 million ordinary shares from Ngernturbo Co., Ltd., amounting to approximately 10 percent of Ngernturbo’s ordinary shares on December 20, 2022. The move is intended to promote Ngernturbo’s growth in retail loan, digital lending, life and non-life insurance brokerage businesses, plus other products. KBank has seen the success of Ngernturbo over recent years and foresees its future growth potential. Ngernturbo is a company with competent personnel, allowing the Company to be flexible and adaptive to intense competition in the market. The present investment has been made via KASIKORN VISION Co., Ltd. (KV), KBank’s subsidiary.”
Mr. Sutach Ruangsuttipap, Chief Executive Officer and Director, Ngernturbo Co., Ltd., said, “As the retail loan market tends to grow continuously, we are confident that Ngernturbo would enjoy substantial growth through providing retail consumers access to a reliable funding source, resulting in reduction of their reliance on informal debts. Ngernturbo is an organization driven by new generation personnel and experienced professional management team. The Company has applied technologies in its operations in order to enhance service quality and competitiveness and to reduce costs. As a result,
the Company can offer user-friendly, fast and convenient financial services in response to customer needs. KBank’s joint investment as a shareholder will strengthen Ngernturbo’s corporate image, business potential and financial status, thus helping the Company deliver financial services to the unbanked and underbanked group more extensively. By 2023, Ngernturbo targets to expand its branches to at least 1,000 branches with outstanding loan portfolio to more than 12 billion Baht, or growing by more than 50 percent . Additionally, the Company is recruiting candidates in various positions to support its long-term vision to become Thailand’s leading retail financial service provider.”