Bangkok--15 Oct--Bangkok Bank Bangkok Bank’s new branch in Shenzhen, China, opened its doors for business on October 12, 2007. The new branch will provide financial services to meet the growing needs of customers in Shenzhen and allows Bangkok Bank to tap into economic growth in the Pearl River Delta, home to more than 40,000 factories. Bangkok Bank is also seeking approval from the Chinese government to become a fully incorporated local bank. The move confirms Bangkok Bank’s position as Thailand’s leading commercial bank with the largest overseas branch network. Bangkok Bank Senior Executive Vice President Prasong Uthaisangchai said the new branch was situated in a convenient location within 30-60 minutes travel for most of its Shenzhen customers. The branch, led by manager Mr. Suwatchai Songwanich, was also near to Hong Kong and would work closely with the three Bangkok Bank branches located there. The new Shenzhen branch provides financial services in foreign currencies to multinational corporations (companies with foreign shareholdings of more than 25 percent and those registered offshore), local corporations (companies with foreign shareholdings of 25 percent or less, state enterprises, and private domestic companies), and individuals (both Chinese nationals and foreigners). Mr. Prasong said Bangkok Bank was also applying for local incorporation from the Chinese government under new regulations passed in late 2006 that allow foreign banks to obtain a license to operate with the same rights as local banks. Local incorporation would allow Bangkok Bank to provide a complete range of financial services in both local and foreign currencies to all customer groups. As part of local incorporation, the local subsidiary of a foreign bank is required to have minimum registered capital of 1 billion yuan (about Baht 5 billion). Bangkok Bank was the first Thai bank to start operations in China when it opened a representative office in Beijing on May 23, 1986, which was subsequently upgraded into a branch on December 8, 2005. The bank also opened a branch in Shantou on November 7, 1992; in Shanghai on December 10, 1993; and in Xiamen on March 6, 1998. Customers from the bank’s Shantou branch have relocated their business to the new branch in Shenzhen. Bangkok Bank’s overseas branch network covers the world’s major economic zones and is the largest among the Thai banks, comprising 19 branches, a subsidiary and a representative office. The bank has four branches in China, two in Hong Kong, two in Japan, three in Taiwan, two in Vietnam, and one each in Laos, the Philippines, Singapore, Indonesia, the UK, and the US. The bank has a wholly-owned subsidiary bank, Bangkok Bank Berhad, in Malaysia; and a representative office in Myanmar.