Bangkok--9 Jul--HSBC
HSBC in Thailand has become the first foreign custodian bank to receive an Escrow Agent license from the Ministry of Finance. This allows HSBC to offer a comprehensive Escrow Agency Services to its corporate customers and continue to grow the Escrow Agency Services in Thailand.
Mrs. Utumporn Viranuvatti, Senior Vice President, HSBC Securities Services, HSBC in Thailand said “We are very pleased to be one of the four banks who successfully qualified for an Escrow Agent license, from over ten other applicant banks. Granting the license demonstrates the Ministry of Finance's confidence in HSBC’s expertise, strong financial status, and effective internal controls.
For a financial institution to meet Escrow Agent license criteria, it must maintain adequate capital levels required by law and possess efficient management policies, a good standard Escrow Agent operational system as well as an effective operational risk controls.
Mrs. Utumporn said the Escrow Agent license will increase customers’ confidence in the agent bank and thus allowing it to expand its client base in Thailand. Amid the current economic downturn, consumers are more likely to look for a credible Escrow Agent who has a strong financial standing and professional expertise to protect their interests throughout the transaction.
“HSBC is well equipped to provide an Escrow Agency service based on our wealth of experience and our position as a market leader in Thailand. We are capable of providing a comprehensive services to meet varied and complicated needs of customers, such as Initial Public Offering (IPO), Mergers and Acquisitions (M&A), Assets Purchase or Share Purchase transactions” said Mrs Utumporn.
HSBC is a leading global financial institution, providing a full range of securities services including Escrow Agency service. Since 2003, HSBC in Thailand has been providing the Escrow services for several landmark deals, including IPOs and M&As among many other leading transactions.
Media enquiries to Varanandha Sutthapreeda on 0-2614-4609 or Savittree Muadmuang on 0-2614-4606.
Notes to editors:
1. HSBC in Thailand
HSBC was established as the first commercial bank in Thailand in 1888. With access to global expertise and enriched local knowledge, HSBC in Thailand provides a full range of financial services including global, commercial and institutional banking, global markets, securities services, trade and supply chain, payment and cash management services to corporate customers; personal financial services and credit cards to a growing retail customer base in Thailand. HSBC is globally recognised for its high service standards, ethical practices and full commitment to corporate social responsibilities to benefit the local economy.
2. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.