Bangkok--Sep 29--Siam Commercial Bank
Siam Commercial Bank plans to auction off a huge lot of NPL assets worth 10 billion baht to investors as its fast track to resolve debt problems. The Bank teams up with its subsidiary in selecting additional asset worth 3.9 billion baht. According the NPL workout plan, the Bank aims to cut its NPL ratio from 12% to 10% by the end of 2005.
Mr. Permpoon Krairiksh, Executive Vice President, Siam Commercial Bank, said NPL disposal to investors is part of this year’s NPL workout plan. The auction of these assets to external investors is one of NPLs resolutions. The Bank has set the suitable period to launch the auction that will get impressive feedback from both local and international investors. The auction of 1,800 restructured NPL accounts with a face value of 10 billion baht marks a decisive step forward in reducing the Bank’s NPLs from 12% of 590-billion-baht gross loan portfolio (or 71.6 billion baht) down to 10%.
SCB in cooperation with SCB Capital Services (SCBCS), its subsidiary, has selected and planned the auction of Corporate, SMEs and Retail NPLs countrywide. The NPLs are classified into 4 groups; the first and second groups worth 5.6 billion baht will be available on single loan bid, whereas, the third and fourth groups worth 4.3 billion baht will be available on portfolio loan bid. Also, 27 accounts worth 3.9 billion baht of Chatuchak Asset Management Co., Ltd are included in this auction.
Interested investors can obtain bid documents and more information from Special Assets Group, 8th Floor, Zone C, SCB Head Office from September 26th onwards. SCB sets November 2005 for the submission of bid and expects to conclude contract execution and payment by this December.
Phot Jaichansukkit,
Public Relations Manager,
Siam Commercial Bank
Contact Person :
Wattanee, Sareeya Tel. (02) 544-4501 - 3 End.