Bank

  • Business NewsCIMB Thai Bank targets 200 billion baht in sustainability loans

    CIMB Thai Bank targets 200 billion baht in sustainability loans

    CIMB Thai Bank (CIMBT) aims to capitalise on the burgeoning demand for sustainability-linked loans, projected to be worth 200 billion baht (US$6 billion) among major local corporate clients within the next two years, particularly targeting the oil, gas, and energy sectors. Jason Lee, CIMBT’s head of sustainability, projects that around 300 large Thai corporations will seek transition financing over this…

  • Thailand NewsGHB holds savings bonds prize draw in Nonthaburi

    GHB holds savings bonds prize draw in Nonthaburi

    The Government Housing Bank (GHB) held the prize draw for its savings bonds yesterday, October 16, at the prize draw building of the Government Lottery Office (GLO) in Nonthaburi. The event was presided over by Akkarut Sonthayanon, Deputy Permanent Secretary of the Ministry of Finance and Chairman of the GHB Board, along with Thidaporn Meekingthong, GHB Deputy Managing Director. Media…

  • Phuket NewsOverdrawn: Bungling burglar caught cracking into bank in Phuket

    Overdrawn: Bungling burglar caught cracking into bank in Phuket

    Police yesterday apprehended a man after he attempted to break into a bank branch and managed to forcibly open a passbook updating machine in Baan Lipon, Srisoonthorn, Phuket. An automatic security alarm alerted the police to the break-in at the Bank for Agriculture and Agricultural Cooperatives in Baan Lipon, Moo 7, Srisoonthorn, at 11pm. Thalang police responded promptly, arriving to…

  • Business NewsNew Thai bank licences grapple with early profitability challenges

    New Thai bank licences grapple with early profitability challenges

    The winners of the Bank of Thailand’s virtual bank licences are expected to face significant challenges in achieving profitability in the initial years, as the industry typically experiences high cash burn during the first five years, according to KGI Securities. Siam Commercial Bank (SCB) is projected to benefit the least from a virtual bank licence compared to other Thai banks…

  • Thailand NewsThai cyber police bust fraud gang posing as Citibank

    Thai cyber police bust fraud gang posing as Citibank

    Thai cyber police dismantled a fraud network posing as a well-known bank, luring victims with promises of high returns on minimal investments. A victim lost over 1.1 million baht after being deceived by the scam. A stranger contacted the victim via the LINE messaging app yesterday, sending a link that led to an advertisement claiming to be from Citibank. The…

  • Thailand NewsFoundation urges more funds to aid Thai debtors’ repayments

    Foundation urges more funds to aid Thai debtors’ repayments

    The Supha Wongsena Foundation For Debtors’ Rights Reform has called on the government to allocate more funds to the Land Bank Administration Institute to assist individuals in repaying their debts. This appeal was made during a seminar aimed at finding solutions to household debt, organised by the Department of Special Investigation (DSI) at the DSI Academy in Nong Chok district…

  • Business NewsThai central bank to cut rates as US economy slows

    Thai central bank to cut rates as US economy slows

    The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…

  • Business NewsThai banks brace for rising credit risk amid global uncertainties

    Thai banks brace for rising credit risk amid global uncertainties

    Large local banks foresee their corporate clients grappling with significant challenges in the second half of the year due to global uncertainties and concerns over a potential US recession. Banks aim to manage asset quality to mitigate rising credit risk among certain customer segments. The Chief Executive of Siam Commercial Bank (SCB), Kris Chantanotoke, highlighted that some corporate customers will…

  • Thailand NewsForeign minister: China’s banking giant to boost tech investment

    Foreign minister: China’s banking giant to boost tech investment

    Thailand’s Minister of Foreign Affairs Maris Sangiampongsa met with Ge Haijiao, Chairman of the Bank of China, on Wednesday, July 10, during his official visit to China. The meeting, held to bolster Thai-Chinese economic ties, saw the presence of Pongsarun Assawachaisophon, Deputy Secretary-General to the prime minister. In a strategic pitch, Maris extended an invitation to the Bank of China to…

  • Business NewsRobinhood app to cease operations on July 31, SCB announces

    Robinhood app to cease operations on July 31, SCB announces

    Thailand’s beloved Robinhood application will cease operations on July 31, as announced by Siam Commercial Bank (SCB) yesterday. Offering commission-free food delivery, hotel booking and various other services, Robinhood announced that they have fulfilled their mission of supporting riders and small businesses during difficult times. SCB X Plc, the holding company for SCB and its affiliates, stated that Robinhood had…

  • Thailand NewsThai man demands bank accountability after 100k ATM malfunction

    Thai man demands bank accountability after 100k ATM malfunction

    A Thai man demanded that a bank take action and responsibility after he lost 100,000 baht in cash due to a malfunction at an automated teller machine (ATM) in Nonthaburi province near Bangkok. The victim, 29 year old Dunlathorn, filed a complaint with Mueang Nonthaburi Police Station regarding the loss. He explained that as a lottery seller, he had deposited…

  • Business NewsRevved up: Thai used car market set to accelerate

    Revved up: Thai used car market set to accelerate

    The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…

  • Thailand NewsKrungsri First Choice launches new campaign for young people

    Krungsri First Choice launches new campaign for young people

    Krungsri First Choice has launched a brand campaign targeting young consumers and is aiming for a 10% growth in new customer accounts and spending through credit cards. The campaign, Take Time to Try, Take Time to Fail, features PP Krit Amnuaydechkorn as the brand presenter for the second consecutive year, aiming to communicate with young people. Athip Silpagijkarn, Managing Director…

  • Thailand NewsMonitor lizard causes disruption at Nakhon Ratchasima bank

    Monitor lizard causes disruption at Nakhon Ratchasima bank

    A large monitor lizard caused a stir at a prominent bank in the early hours of this morning, prompting police and bank staff to intervene. Despite orders to stop, the reptile remained uncooperative. The lizard, weighing 20 kilogrammes, was eventually captured and released back into the wild. At 8.30am yesterday, Deputy Traffic Inspector of Phimai Police Station, Suphanroj Imwiset, was…

  • Thailand NewsMobile banking to operate normally during verification

    Mobile banking to operate normally during verification

    The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…

  • Business NewsKBank restricts digital personal loans to refine business model

    KBank restricts digital personal loans to refine business model

    Kasikornbank (KBank), known for its leading mobile banking services, has strategically slowed down its digital personal loan operations. The move aims to refine its business model and enhance the quality of its loan products, according to its Chief Executive Kattiya Indaravijaya. Kattiya revealed that there is no specific timeline for the completion of the business model improvement. However, she assured that…

  • Business NewsThai banks’ loan jitters: ITD woes prompt provision provisions

    Thai banks’ loan jitters: ITD woes prompt provision provisions

    Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…

  • Thailand NewsChinese man discovers forgotten bank deposit of 1.5 million baht

    Chinese man discovers forgotten bank deposit of 1.5 million baht

    A 70 year old Chinese man recently discovered a long-forgotten bank deposit of 1.5 million baht, originally made 20 years ago, that had accumulated a significant amount of interest. Managing personal finances varies from person to person but it’s critical to remember where your savings are deposited. A 70 year old man from China received a phone call from his…

  • Business NewsLH Bank reveals strategy for mid-sized status by 2030

    LH Bank reveals strategy for mid-sized status by 2030

    Land and Houses Bank (LH Bank), the financial subsidiary of property giant Land and Houses Plc (LH), unveils its ambitious plan to become a mid-sized bank by 2030. The bank’s strategy is founded on robust loan growth and an increasing income stream. LH Bank’s five-year business strategy involves a comprehensive restructuring of its loan portfolio, aimed at driving loan expansion…

  • Business NewsBangkok’s BAM anticipates drop in bad debt auction prices in 2024

    Bangkok’s BAM anticipates drop in bad debt auction prices in 2024

    Bangkok Commercial Asset Management (BAM), a prominent player on the Stock Exchange of Thailand (SET), anticipates a decrease in auction prices for bad debt sales in 2024 due to a rising supply amid economic sluggishness. The financial institutions are expected to face increased challenges with the escalation of distressed debts, influenced by depreciating auction prices for both non-performing loans and…

  • Business NewsVietnam cuts bank stake limits to curb market manipulation risks

    Vietnam cuts bank stake limits to curb market manipulation risks

    Vietnam’s legislature passed a resolution to decrease the maximum stake investors can own in domestic banks. Coming into force in July, the law will limit the equity held by institutional investors, such as pension or investment funds, to 10%, down from the current 15%. The adjustment has been made in an attempt to mitigate the risk of market manipulation. This…

  • Thailand NewsBank of Thailand resists calls for policy adjustments amid economic slump

    Bank of Thailand resists calls for policy adjustments amid economic slump

    The Bank of Thailand (BoT) countered government calls for monetary policy adjustments to stimulate the country’s slumping economy. Piti Disyatat, BoT Assistant Governor, stated today, January 15, that interest rates, already quite low compared to global standards, are not the solution to an economy being pummelled by external factors like dwindling global demand. Piti emphasised that the country’s lacklustre economic…

  • Business NewsThai bankers reassure on mobile banking security following fraud incident

    Thai bankers reassure on mobile banking security following fraud incident

    The Thai Bankers’ Association (TBA) has reassured its customers about the security and stability of mobile banking applications. The affirmation follows the recent arrest of a software programmer who developed a tool capable of bypassing facial recognition technology for transactions above 50,000 baht. It is mandatory for mobile banking users wishing to transfer between 50,000 baht and 200,000 baht per…

  • Business NewsWorld Bank revises Thailand’s economic growth forecast due to export contraction

    World Bank revises Thailand’s economic growth forecast due to export contraction

    The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…

  • Business NewsBanking on change: Thai banks raise policy rates to woo depositors with digital deals

    Banking on change: Thai banks raise policy rates to woo depositors with digital deals

    Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…

  • Thailand NewsKrungsri Bank anticipates Thai baht fluctuation amid global market developments

    Krungsri Bank anticipates Thai baht fluctuation amid global market developments

    The Global Markets team at Krungsri Bank predicts a movement in the Thai baht this week within the range of 35.40 to 36.00 baht per US dollar. Last week, the baht closed weaker at 35.79 baht per US dollar after trading in the range of 35.43 to 35.82 baht per US dollar. The dollar strengthened against the euro but held…

  • Business NewsKasikornbank’s ASEAN ambitions grow: Eyes on Home Credit Vietnam

    Kasikornbank’s ASEAN ambitions grow: Eyes on Home Credit Vietnam

    Kasikornbank (KBank), the second-largest lender in Thailand by total assets, is in preliminary discussions to acquire consumer finance provider Home Credit Vietnam. This move is part of KBank’s ASEAN business expansion. Home Credit Vietnam belongs to the Netherlands-based non-bank financial institution, Home Credit Group, which is planning to offload its ASEAN businesses. KBank executive vice-president Pattarapong Kanhasuwan revealed the deal…

  • World NewsUBS set to complete Credit Suisse takeover, creating .6tn Swiss banking giant

    UBS set to complete Credit Suisse takeover, creating $1.6tn Swiss banking giant

    Today, UBS announced its expectation to finalise the acquisition of Credit Suisse by June 12, forming a colossal Swiss bank with a US$1.6 trillion balance sheet. The completion of the takeover is contingent on the registration statement being declared effective by the US Securities and Exchange Commission and other remaining closing conditions. “UBS expects to complete the acquisition of Credit…

  • Business NewsHSBC Thailand seeks licence, raises capital for local business expansion

    HSBC Thailand seeks licence, raises capital for local business expansion

    In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…