Bangkok--Jul 13--Thanachart Bank
Thanachart Bank speeds up its new branch opening to cover the whole country, aiming at increasing the total number of its branches to 100 by the end of 2005. Its goal is to become a mid-sized bank with total assets worth about 180 billion baht and a market share of 5 percent in the commercial banking industry. After offering its automobile hire purchase service for two months, the Bank succeeds in extending loans worth about 4.5 billion baht for buying about 10,200 cars under hire purchase agreements.
Miss Suvarnapha Suvarnaprathip, Managing Director of Thanachart Bank Public Company Limited, said that, the Bank took transfers of the automobile hire purchase business from its holding company, National Finance Public Company Limited, on 9 May 2005, making it the first commercial bank in Thailand which offered automobile hire purchase service. The business is going on well as it has succeeded in extending loans worth 4.5 billion baht for buying about 10,200 cars under hire purchase agreements.
On public deposits, National Finance Public Company Limited also transferred its public deposits to the Bank on 1 July 2005. As a result, the Bank’s public deposits, at present, increases to approximately 100 billion baht. The corporate account deposits will be transferred to the Bank in November this year. After the completion of the transfers, the Bank will have deposits totaling 140 billion baht.
Miss Suvarnapha said that, after the completion of all the business transfers from National Finance to the Bank in December this year, the Bank’s assets would be increased to about 180 billion baht, making it a mid-sized bank in the commercial banking industry. Taking advantages of the Thanachart Group’s strong base of over 500,000 customers, the Bank would be able to compete more aggressively in marketing activities with focus given to retail accounts. Within the next two years, the Bank aims to increase its market share to 5 percent share in the commercial banking industry both in terms of the number of branches and the total deposits.
In particular, the Bank is set to increase the number of its branches from the current level of 40 to 100 by the end of 2005. The new branches will have different forms and sizes. The largest branches will be in a form of “Hubs”, in which companies in the Thanachart Group will be located and the customers will be able to use all the integrated financial services offered by the Group, which include banking services, automobile hire purchase service, securities brokerage, mutual funds, non-life and life insurance products. The Bank will also have middle-sized branches called “Satellites” as well as small-sized branches called “Mini Branches”.
In opening its new branches, the Bank will place emphasis on the areas where the Group has a strong position with existence of its business alliances such as dealers of new and used automobiles as well as on the areas where many of the Bank’s hire purchase customers are located. Moreover, to make it more convenient for its customers to use its financial services, the Bank will place emphasis on other areas such as shopping centers and large communities. End.