Gulf Development, a unit of Gulf Energy led by Thailand’s richest individual Sarath Ratanavadi, has increased its stake in Kasikornbank to 5.23%, Bloomberg reported.

This makes it the third-largest shareholder in the country’s second-biggest lender by assets.

According to a filing with the Securities and Exchange Commission dated 16 May, the stake rose by 0.53 percentage points from a previous disclosure.

Gulf previously ranked fourth on Kasikornbank’s shareholder list as of 18 April, when it held 3.49%.

The share acquisition is part of Gulf’s regular investment activities aimed at generating capital gains and dividend income, said the company’s CFO Yupapin Wangviwat during a recent investor meeting.

She noted that there are no immediate plans for operational collaboration between the two firms.

Kasikornbank holds total assets of 4.4 trillion baht (approximately US$120 billion) and has outperformed the broader Thai stock market this year, with its shares up about 5.5% compared to a 15% decline in the main benchmark index.

The move follows Gulf’s recent merger with Intouch Holdings, the top shareholder of telecom operator Advanced Info Service.

Sarath consolidated control of Intouch by gradually acquiring a 47% stake.

Gulf and its partners have also submitted bids for digital banking licenses from the Bank of Thailand.

Sarath, who has an estimated net worth of US$12.9 billion according to Bloomberg, built Gulf into Thailand’s largest power producer and expanded its reach into telecommunications and finance.

Featured image: Edited by Fintech News Singapore, based on image by sodawhiskey via Freepik