Bangkok--20 Nov--Siam Commercial Bank
Siam Commercial Bank (SCB) and Mizuho Bank Limited (Mizuho), one of the three Mega Banks in Japan, have signed a Memorandum of Understanding (MOU) to develop a strategic alliance to support inbound Japanese clients and outbound Thai customers.
Commenting on this strategic alliance, Mrs. Kannikar Chalitaporn, SCB President, noted: Japan has been the No.1 FDI investor in Thailand accounting for 40% - 50% of total FDI, majority of which is focused in the auto and manufacturing sectors. There are now more than 50,000 Japanese and nearly 3,000 Japanese companies in Thailand; and more are coming. This is an area of growth and key focus for us. SCB has been serving Japanese clients in Thailand for many decades and, currently, maintains relationship with 600 Japanese customers.
Our Japanese business strategy is to: i) double our market share with existing clients by providing value added and best in class proposition and ii) aggressively expand this customer base by 50% in coming years. This is also in line with the wider strategy of the bank. As part of our strategy implementation, we have formalized a Japanese Banking team in 2014 and are aggressively expanding the coverage. Forming alliance with Mizuho is also a key pillar to our execution strategy and a logical next step to increase our presence. The partnership also underscores our on-going commitment to the Japanese community in Thailand.
Mizuho is the ideal partner for us and we are proud to form an alliance with Mizuho. Mizuho has had presence in Thailand for more than 20 years and is one of the top 3 Mega Japanese Banks. It has the broadest client base among major Japanese banks with nearly 70% of listed Japanese companies having relationship with Mizuho.
With this strategic partnership, we will leverage the strength of: i) Mizuho's strong relationship with Japanese clients and extensive Japanese customer base and ii) our market leadership and largest network nationwide. The synergy will be complementary to all sides. Not only will it benefit inbound Japanese clients and their expansion to CLMV where we also have presence, this alliance will support outbound Thai clients. With Mizuho as our strategic partner, we can provide a complete financial solution to serve our outbound clients more effectively.