Bangkok--2 Jun--HSBC Thailand
HSBC's unrivalled international network and cross-border business banking expertise has played a pivotal role in helping UK oil company Ophir Energy plc complete a major strategic move into Thailand.
The move leveraged HSBC's global cash management capabilities and unique banking network to give Ophir Energy the support needed to set up a regional business presence under the terms of the Thai Government's international headquarters (IHQ) programme.
Mr Krisda Phatcharoen, Head of Commercial Banking, HSBC Thailand said: "Ophir Energy is one of our showcases among multinational companies seeking to set up IHQs in Thailand. Foreign conglomerates are increasingly looking to Thailand as a base for Asian headquarters operations due to its strategic location and high potential growth. It's a trend we expect to continue."
Ophir Energy is a leading UK-based international oil and gas exploration and production company. Its affiliate, Ophir Asia Services Ltd., has been established to operate an IHQ business in Thailand serving the Ophir Group's affiliates and subsidiaries.
Ophir has two producing assets in Thailand. It has a 100% operated interest in the Bualuang oil field in the Gulf of Thailand and a 9.5% interest in the Sinphuhorm gas field, onshore Northeast Thailand.
Ms Ai Chen Lim, Head of Global Payments and Cash Management, HSBC Thailand said: "Ophir will gain from streamlining and operational efficiencies while also benefiting from the full service banking facilities provided by HSBC's global network with solutions shaped to suit customer needs, process and technology consultancy from specialised cash management practitioners. In addition to the potential of expatriate management, the company also gains advantage of enhanced skills of Thai staff, minimised paperwork, optimal resources allocation, and improved banking operations."
HSBC serves customers worldwide from around 6,000 offices in 71 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. Its international banking network connects clients to 90% of global trade and capital flows and supports customers with banking operations in the world's highest growth geographies and is a unique differentiator for the bank and its clients.
Geographic diversification enables HSBC to invest through regional macroeconomic cycles and move capital and resources to the highest growth opportunities, while offering additional benefits in terms of scale in support functions, offshoring and in operational hubs across global systems.
Dr John Francis Bell, Director - Asia, Ophir Asia Services Ltd. said: "Given our concrete and long-standing relationship, we chose HSBC to support us in managing our cash management for the IHQ. With HSBC's expertise, we believe that we can strengthen the robustness of our financial position to maximise operational efficiency."
Ophir Energy owns a portfolio of assets in Africa and Asia and is listed on the London Stock Exchange (FTSE 250) with a market capitalization of approximately USD750million (as of 30 May 2016).