Bangkok--6 Nov--Bangkok Bank
Bangkok Bank is set to solidify its leading role in Thailand and ASEAN economic development, while also raising its competitiveness, through the opening of a branch in Medan, the capital of the North Sumatra province and the third-largest city in Indonesia, on Wednesday, 6th November, 2013. The new branch is the Bank’s 26th overseas branch and its third branch in Indonesia, complementing the Jakarta and Surabaya branches, opened more than 45 years ago and one year ago, respectively. The opening of the new branch will strengthen the Bank’s capacity to serve the needs of business customers, connecting them with trade and investment opportunities in Asia.
Bangkok Bank President Chartsiri Sophonpanich said Bangkok Bank is delighted the Bank has received permission from Bank Indonesia to open a branch in Medan, Indonesia's third-largest city and the capital city of North Sumatra province. The Medan branch is Bangkok Bank’s third branch in Indonesia. The Jakarta branch was established in 1968, or more than 45 years ago, and the Surabaya branch was established in 2012. Every branch will be overseen by the Bank’s General Manager in Indonesia, Chalit Tayjasanant. The official branch opening ceremony will be held on Wednesday, 6th November, 2013.
“Medan is located on the northern coast of Sumatra island and is one of Indonesia’s major developing cities after Jakarta and Surabaya. Hence receiving permission to expand our network is a great opportunity for Bangkok Bank. It will serve both Thai and international business customers, as well as new customers who live in the west of Indonesia, with a complete range of financial products and services, especially in the area of international transactions and loans for investment. Bangkok Bank’s long experience and knowledge gathered over decades which has been passed from generation to generation is a major strength that helps us to be able to respond to business customers who are seeking investment opportunities. We can also provide advice about each local market where the bank has an international branch such as how to set up operations, the local taxation regime, the business environment and business trends, as well as the macro economy and local industries. Our branches support our customers with useful information that can help them make the right decisions and reap the benefits," said Mr. Chartsiri.
He added that Bangkok Bank, in its role as a leading regional organization, contributes to the economic development of Thailand and ASEAN, and connects local business entrepreneurs with business partners from major economies including China, Japan, USA and the United Kingdom. With the ASEAN Economic Community (AEC) due to be fully implemented in 2015, or within the next two years, there will be a major shift in the regional business environment. Both large and small companies in Thailand are preparing for the expanded market, which will bring big opportunities and increased competition. Many businesses are starting to adjust their business strategies — some are proactively improving their competitiveness and considering investing abroad to diversify their production base, exporting to neighboring countries, or setting up an operation for marketing and sales in ASEAN.
Foreign investors have also been preparing for a stronger, more integrated region by increasing the level of foreign direct investment in ASEAN. These are significant developments for Bangkok Bank as one of ASEAN’s major regional banks. The bank has recognized the importance of international banking for many years and has a strong foundation in this area, so it is now well placed to support its customers through its international network.
Bangkok Bank is Thailand’s only commercial bank with an extensive international network spanning 26 branches plus one representative office in 13 key economies. These are predominantly based in East Asia, the major engine of global economic growth in the years to come. The Bank’s international network comprises two local banks in China and Malaysia, branches in Japan, Hong Kong, Taiwan, Singapore, Indonesia, the Philippines, Vietnam, Laos and the financial centers of New York and London, as well as a representative office in Myanmar. This strong and well-established network has made Bangkok Bank one of the largest banks in the region, and one of the best-prepared for ASEAN economic integration and the rise of Asia over the next decades.