30 January 2004To Managers All international banking facilities of foreign banks All foreign bank branches No. BOT. FPG. (11) Wor. 139/2547 Re: Application to Establish a Commercial Bank that is a Subsidiary of Foreign Bank By virtue of the provisions of Section 5 of the Commercial Banking Act B.E. 2505, as amended by the Commercial Banking Act (No.2) B.E. 2522, the Minister of Finance has allowed foreign banks that have an international banking facility or a branch in Thailand, and meet the criteria pursuant to the precribed rules, to apply to establish a subsidiary in accordance with the Notification of Ministry of Finance Re: Rules, Procedures, and Conditions for Establishing a Commercial Bank that is a Subsidiary of Foreign Bank dated 23 January 2004. Such Notification has already been published in the Government Gazette, General Edition, No. 121, Special Section 11 Ngor, dated 28 January 2004. The Bank of Thailand therefore encloses the aforementioned Notification of Ministry of Finance, together with the application to establish a commercial bank that is a subsidiary of foreign bank, for your information. Qualified foreign banks intending to apply to establish a subsidiary shall submit the application and supporting documents to: Financial Institution Applications and Special Examination Department, Supervision Group, Bank of Thailand, starting from 1 February 2004. The first round of applications can be submitted until 31 July 2004. Yours sincerely, (Mrs. Tarisa Watanagase) Deputy Governor (Financial Institutions Stability) for Governor Enclosures: 1. Notification of Ministry of Finance Re: Rules, Procedures, and Conditions for Establishing a Commercial Bank that is a Subsidiary of Foreign Bank 2. Application to Establish a Commercial Bank that is a Subsidiary of Foreign Bank Note: [ ] The Bank of Thailand will arrange a clarification meeting on ... at ... [x] No clarification meeting will be arranged. Financial Institutions Strategy Department Tel: 0-2283-5833, 0-2283-5868, 0-2283-6875-YK-