Thailand’s KASIKORNBANK (KBank) is reportedly mulling the acquisition of consumer finance provider Home Credit Vietnam for up to US$1 billion, according to a Reuters report citing two sources.

The bank has spoken with financial advisors, however, a final decision has not been reached as the discussions are still ongoing.

KBank has been doubling down on its efforts to expand its operations in Vietnam as it aims to achieve US$400 million in net income and a customer base of 8.4 million by 2027. KBank is looking to become one of the top 20 banks in the market in terms of assets.

The bank has already established a footprint in Vietnam by opening its first branch in Ho Chi Minh City in November 2021.

A source familiar with the matter told Reuters,

“KBank is currently operating KBank Biz Loan solution, a credit service for small-scale retail stores. The potential deal with Home Credit will enable the bank to promote access to financial services for small business clients.”