Bangkok--23 Nov--Bangkok Bank
Directors of Bangkok Bank, Bangkok Bank Berhad (Malaysia) and new entity Bangkok Bank China have held their respective board meetings in Bangkok, sharing dinner to emphasize the increasingly international nature of Bangkok Bank’s operations.
Bangkok Bank Berhad is Bangkok Bank’s local Malaysian bank, founded in 1994, while Bangkok Bank China will begin operations on December 28, becoming one of fewer than 30 foreign banks with local licenses in the fast-growing China market.
Bangkok Bank — Thailand’s largest bank, with assets of around Baht 1.7 trillion ($50 billion) — already has one of the most extensive international networks in Asia, with 21 branches, subsidiaries or offices in 12 countries. Its presence in China dates from 1986, when it opened its first representative office there. Its four existing branches will become part of Bangkok Bank China, headquartered in Shanghai.
As the first Thai bank with a locally incorporated subsidiary in China, Bangkok Bank’s expansion on the mainland will allow it to offer greater services to its customers — in particular those from Taiwan and Hong Kong — pursuing growth and direct investment opportunities.
Prasong Uthaisangchai, Bangkok Bank’s Senior Executive Vice President and Directors, Head of International Banking Group and Bangkok Bank China’s Vice Chairman, says the move has been carefully planned.
“Bangkok Bank China is a logical extension of our strategy in China, where we have been doing business through our branch network for more than 20 years, and will ensure we continue to grow with our customers in this dynamic market. The Chinese economy has proved resilient through the recent global downturn and will play a key role in intra-Asian and global trade for many years to come.
“While our focus will continue on corporate lending and trade services, local incorporation will allow us to accept local-currency deposits and expand into consumer lending, providing a wider range of banking services than currently. Bangkok Bank China will also be the facilitator for Bangkok Bank in its role as the sole Renminbi clearing-house in Thailand.”
Bangkok Bank’s Chairman of the Board of Directors Chatri Sophonpanich has also been instrumental in developing a presence in China. The new bank’s CEO is Suwatchai Songwanich.
Other foreign banks locally incorporated in China include some of the world’s biggest financial organizations. To join their ranks, Bangkok Bank China has had to meet stringent capital and operating standards.
Additional branches and sub-branches will be added in future years, focusing on the fast-growing eastern seaboard from Shanghai down to Shenzhen and north to Beijing and Tianjin.