Thailand's Largest Commercial Bank to Expand Business in China

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Last updated at: (Beijing Time) Tuesday, April 09, 2002

Thailand's Largest Commercial Bank to Expand Business in China

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Bangkok Bank to upgrade its office in Beijing

Bangkok Bank, Thailand's largest commercial bank, is planning to raise capital at its Shanghai branch and upgrade its office in Beijing to a full branch to catch opportunities brought by China's entry into the World Trade Organization (WTO), the Bangkok Post newspaper reported Tuesday.

The bank has already proposed to Chinese authorities to quadruple the capital of its Shanghai branch to 400 million renminbi (48 million U.S. dollars) in order to enhance the branch's capacity to operate renminbi loans and other services.

Prasong Uthaisangchai, vice-president of the bank, was quoted as saying that China's WTO membership is expected to promote liberalization of financial services, which will provide more opportunities for the bank.

Chinese branches expected to contribute to overseas income

In China's mainland, besides the Shanghai branch, Bankok Bank now operates two full branches in Xiamen and Shantou. It also owns three branches in Hong Kong.

Under the WTO rules, the bank said it will be able to apply to open one new branch per year in China.

Last year, the bank's branches in China accounted for 6 percent of its overseas revenues. With a full branch to be opened in Beijing and China's strong economic prospects, Bankok Bank expects its Chinese operations to contribute as much as 30 percent of total overseas income within several years

About Bangkok Bank

Bangkok Bank came into being through the initiative of a group of Thai courtiers, businessmen and others, who had a strong determination to found a Thai bank able to provide all banking services. The founders registered the newly-formed institution as Bangkok Bank Co., Ltd. on 20th November 1944, and the Bank commenced operations on December 1, 1944.

On the international front, Bangkok Bank opened its first overseas branch in Hong Kong, in June 1954. This was followed by the Tokyo branch the following year, then Singapore shortly afterwards. In those days, most of the country's trade were conducted through these countries. Having branches there enabled the bank to provide financial services to all the parties in the trade cycle. >>more information

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