Bangkok--29 Sep--Bangkok Bank
Bangkok Bank and PTT Polymer Marketing (PTTPM) have signed an MOU for International Supply Chain Financing. The innovative agreement will assist PTTPM to reach its business goal of Baht 100 billion in earnings by 2015 as it will provide financial and business support for PTTPM customers and dealers across Asia.
Bangkok Bank President Mr. Chartsiri Sophonpanich said the agreement builds on the existing partnership between PTTPM and Bangkok Bank as the bank already provides Supply Chain Financing to PTTPM’s dealers within Thailand.
“Now customers and dealers in other Asian countries can also take advantage of the service which will provide them with the liquidity they need to expand their sales of PTTPM products. By providing financial services to customers and dealers in these countries, we can support our customers ‘PTTPM’ as they expand outside Thailand.”
“International Supply Chain Financing is collaboration between Bangkok Bank and PTTPM to provide financial support and improve the business process for customers and dealers based overseas. The benefits for customers and dealers include improved access to liquidity and cash flow, reduced product delivery time and a lower cost of fees. No Letter of Credit is required. The customers and dealers will be able to choose between multiple currencies including USD, Euro, THB or a local currency for their transactions and there is an efficient process for arranging financial support from the bank”.
Commenting on the agreement, PTT Polymer Marketing Director Khun Pramin Phantawesak said that the company aims to increase annual sales to Baht 100 billion and to be an international polymer trading house by 2015. PTTPM recently established representative offices in many countries in Asia including Vietnam, China and set up a sub-branch in Dubai. Bangkok Bank’s large branch networks in Thailand and overseas, together with International Supply Chain Financing, will help PTTPM to achieve its growth target.
International Supply Chain Financing is the latest co-operative agreement between Bangkok Bank and PTTPM. In 2008, Bangkok Bank opened a Trade Desk at PTTPM to support the company’s import and export business. In early 2009, Bangkok Bank developed an online service called Bualuang iSupply to enhance the business process between PTTPM and its dealers.
Clients interested in Bangkok Bank’s International Supply Chain Financing can obtain more details from bank’s Trade Service Department, phone 0-2230-2362-4 or e-mail [email protected].