Bangkok--20 Jan--Thanachart Bank
Thanachart Bank cooperates with Taiyo Life, one of the biggest financial institutions in Japan, to offer financial services to Japanese companies in Thailand
Thanachart Bank Public Company Limited (“TBANK”) is in discussions with Taiyo Life Insurance Company (“Taiyo”), a leading life insurance company in Japan, to offer financial services to Japanese corporate clients in Thailand. ?TBANK is considering to set up a Japan Desk with the assistance from Taiyo as part of TBANK’ strategy to expand its client base in Thailand.
TBANK and Taiyo have signed a memorandum of understanding to study the feasibility of the cooperation and formulate a business plan. Both companies hope to start the business cooperation early this year. ?The business cooperation will likely include financial services such as commercial loans, trade finance, foreign exchange, remittance, opening of accounts, supplier financing, electronic banking, leasing, retail and consumer credit for management and employees.
Ms. Noossara Roonsamrarn, Executive Vice President of Thanachart Bank Public Company Limited, says that the Bank has almost reached a cooperation agreement with Taiyo Life, a large group of life insurance in Japan, to offer financial services to Japanese customers in Thailand. In this connection, Thanachart Bank is planning to set up a Japan Desk with a team responsible for extending the Bank’s financial services to the Japanese customers in Thailand. Special emphasis will be placed on corporations and their affiliated companies in the supply chain networks as well as their executives and staff.
As Taiyo has extensive relationships with large Japanese companies, TBANK can tap on Taiyo’s relationships to broaden its base of Japanese customers in Thailand, especially those in the manufacturing industries. At the same time, Taiyo can also leverage on TBANK to build its presence and capture the growth opportunities in Thailand.
Taiyo is one of the largest financial institutions in Japan. As of 31/03/08, Taiyo has total assets of 6,186 billion yen. Taiyo is given an A1 rating by Moody’s and A rating by S&P. Taiyo is advised by the Daiwa Securities SMBC Group for this business cooperation.
TBANK has launched strategies to increase the proportion of loans related to corporate finance and small-medium enterprises, as well as to generate revenue from businesses such as trade finance. These businesses offer high growth potential and can be made possible by its network.