Bangkok--24 Jun--TMB Bank’s
In response to today’s Moody’s Investors Service’s credit rating review announcement, TMB Bank Public Company Limited said the re-rating from Baa2/Prime2 (stable outlook) to Baa3/Prime 3 (stable outlook) action was based on Moody’s downgrades of Thailand “systemic support input” for Thai bank ratings from Aa2 to A2, following Moody’s review for possible downgrades of 11 Thai bank ratings on 27 May 2009.
TMB holds that the new rating remains investment grade. Currently, TMB has a strong capital position with CAR (capital adequacy ratio) of 14.1%, compared to the minimum requirement by the Bank of Thailand at 8.5%. Moreover, TMB has upgraded our risk management system to the global standards and has sold THB15 billion NPLs in May 2009. TMB has started implementing various corporate strategies to strengthen our business platforms, namely branch transformation, HR transformation and world-class retail business development.
As at 31 March 2009, TMB has total assets of THB601.38 billion with a stake of 26.1% held by the Ministry of Finance and 25.2% by ING Group.
TMB Bank Public Company LimitedFounded on 8 November 1957, TMB Bank Pcl. operates a commercial banking business under a license granted by the Ministry of Finance, and with consent given by the Bank of Thailand. It also operates a securities business licensed by the Ministry of Finance and agreed to by the Securities Exchange Commission.
The Bank aims to respond to the needs of its clients through its 475 branch network, 107 foreign exchange centers, 2,032 ATMs, as well as electronics banking systems. Its business encompasses commercial banking, offshore banking, investment banking, and other businesses as permitted by the regulatory authorities, including acting as an insurance agent for its alliance insurance companies.
Listed on the Stock Exchange of Thailand, the Bank is the sixth largest bank, by total assets, in Thailand. As at 31 March 2009, its total assets are valued at THB 601,379 million.
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