Bangkok--29 Aug--Siam Commercial Bank
Siam Commercial Bank ("SCB" or the "Bank") is further supporting Board of Investment policies in boosting foreign investment by joining hands with three major industrial estates in promoting investments from Chinese companies. The Bank launches a new one-year bridge loan program to help Chinese customers purchase land in industrial estates to provide flexibility with their capital management and to speed up their business operations. SCB estimates that about 50 customers will be interested in joining the program, with utilization of more than 5 billion baht within 3 years.
Speaking about boosting FDI from China, Siam Commercial Bank President and Chief Executive Officer Mr. Arthid Nanthawithaya said that China plays a significant role in the global economy and in Thailand. In the past 5 years, Thailand's foreign direct investment (FDI) from China ranked No. 1 in growth rate. This momentum will likely continue due to our strategic locations in ASEAN, high quality labor, and the readiness of Thailand's infrastructure, including BOI privileges available to investors. These attributes will drive investments which will in turn fuel our economy in the long-term particularly in trade flow, knowledge transfer, and job creation.
Realizing the strong growth potential, the Bank is committed to lead in promoting the investment climate and support Chinese inbound investors through our dedicated Chinese business platform. We strive to ensure we fully understand their business needs and provide the best customer experience in our delivery. Our track record speaks volume as we have been entrusted as a key business partner by our clients across many industries such as Trina Solar Co., Ltd., the world's largest manufacturer of solar panels, and Qingdao Sentury Tire Co., Ltd., a major manufacturer of high tech tires.
"In supporting the investment climate in Thailand, SCB has launched a new, innovative financing program for Chinese customers to facilitate the purchase of land in Thailand's leading industrial estates: Hemaraj Industrial Estate, a subsidiary of WHA , Rojana Industrial Park and Amata Industrial Estate. The financing will be offered in form of a bridge loan for one year and up to 200 million baht for each client. The Chinese investors will be able to get their businesses off the ground quicker as funding and capital can be managed effectively. This initiative marks another milestone in our ability to deliver innovative solutions catering to our customers' needs. We expect to have about 50 customers using this facility with utilization of more than 5 billion baht within three years. We also intend to scale the offering to foreign investors from other countries in due course."
The Loan for Land Purchase Program provides a credit line of up to 200 million baht for a period of one year to assist Chinese businesses in acquiring land for business operations. Clients must be registered companies in Thailand and received the approval from BOI, and have a land purchase contract from any of three industrial estates. Interested parties can contact SCB's China Division by calling tel. 02-795-1490