Bangkok--1 Dec--Siam Commercial Bank
Siam Commercial Bank (SCB), together with Krung Thai Bank, Bangkok Bank, and Thanachart Bank have provided a loan totaling USD 360 million to Charoen Pokphand (CP) Group's C.P. Holding (BVI) Investment Co., Ltd., C.P. Lotus Corporation, and Shanghai Lotus Supermarket Chain Store Co., Ltd. to cater to the expansion of CP Lotus retail business in China.
The loan is to support CP Lotus' rapid growth after restructuring 2 years ago. Thanks to CP Group's market understanding, adaptation to changes in consumer behavior, and emphasis on accessibility and product quality, CP Lotus rapidly became a market leader. Their success boosts foreign confidence in the potential of Thai businesses.
CP Lotus is the CP Group's highly successful retail business in China, with daily sales ranked in the top 5 among over 15 hypermarket brands in China. Backed by the CP Group's strength in fully integrated agro-industrial business in China, CP Lotus can offer high quality products under the farm-to-family concept. The USD 360 million loan will further support CP Lotus in achieving its business goals.
The loan will play a very important part in driving the growth of Thailand's offshore businesses and enhance the strength of the Thai economy as a whole.
Charoen Pokphand (CP) Group Vice Chairman Thirayut Phitya-Isarakul (3rd from left) and C.P. Lotus Corporation and Shanghai Lotus Supermarket Chain Store Chairman and Chief Executive Officer Soopakij Chearavanont (3rd from right) join Siam Commercial Bank (SCB) President Kannikar Chalitaporn (2nd from right), Krung Thai Bank President Apisak Tantivorawong (1st from right), Bangkok Bank Senior Executive Vice President Chansak Fuangfu (2nd from left), and Thanachart Bank Chief Executive Officer Somjate Moosirilert (1st from left) in an agreement signing ceremony for a loan of USD 360 million to CP Group's C.P. Holding (BVI) Investment Co., Ltd., C.P. Lotus Corporation, and Shanghai Lotus Supermarket Chain Store Co., Ltd. The loan will support the expansion of CP Lotus retail business in China.