Bangkok--12 Dec--TMB
TMB reaffirms its strong position in the automotive industry while further enhancing the bank’s MNC customer base by granting a 2 Billion Baht loan facility to support Volvo Group’s expansion in Trucks and Bus production capacity to meet domestic and regional demand in the ASEAN market.
Mr. Boontuck Wungcharoen, Chief Executive Officer TMB stated, “In an increasingly interconnected and borderless world, customers are looking for banks that meet their needs from a local to global scale. The collaborative partnership between TMB and ING provides customers with the depth and knowledge of one of Thailand’s leading banks, combined with the global reach and international standards of ING. With our expertise in the region along with ING’s branch networks throughout the world, TMB can seamlessly support Volvo Group’s manufacturing facility and dealer network expansion plans in Thailand. This deal not only reinforces the banks name as a key player in the automotive industry, but it also strengthens ties between ING and Volvo Group both regionally and globally.
TMB sees high growth potential in the automotive industry. It is an industry which is viewed as one of the most significant in the Thai economy, making up nearly 11% of the nation’s GDP in the first half of this year. After the flood crisis late last year, many operators in the industry have shown great resilience to recover, with their factories already completely repaired and returning to full capacity. During Q2 and Q3, we have financially supported many auto parts suppliers, while also expanding our banking networks into Japan to promote both Thai and Japanese SME customers in the automotive industry as well. In addition to the financial support and building of strong network of partners, TMB has established an administrative support team who are here to advise on the needs of international business for our business customers, with International Desks led by Mr. Hiroyuki Saijo as team leader in Japanese Customer Relations and Mr. Marc Van Den Berg as team leader in MNC Customer Relations.
TMB believes that the 2 Billion Baht facility will provide more flexibility in the expansion of the Thai-Swedish Assembly (TSA) and TMBP (Thai manufacturing body and paint) plants, and also for the expansion of Volvo Group Thailand’s sales and service networks across the country.
Mr. Jacques Michel, President Volvo Group Thailand said “Volvo Group continues to show great belief in the Thai market with major investment plans to turn Thailand into a regional truck and bus production hub in Southeast Asia.”