Thailand’s Richest Man Increases Local Bank Stake
An energy company controlled by Thailand's richest man has raised its stake in a local lender.
Gulf Development has raised its stake in Kasikornbank to 5.23 percent, according to a statement by Thailand’s Securities and Exchange Commission. The increase makes Gulf Development the bank's third largest shareholder.
At 4.4 trillion baht ($130 billion) in total assets, Kasikornbank is the second largest lender in Thailand.
Gulf Development is an energy producer with Sarath Ratanavadi as its majority shareholder and CEO. Ratanavadi, 59, is the richest man in Thailand with an estimated net worth of $12.9 billion, according to the Bloomberg Billionaires Index.
