Banks
- Thailand News
Thai banks deny funding Myanmar junta’s weapon purchases
Foreign Minister Maris Sangiampongsa issued a strong rebuttal to accusations from Move Forward Party (MFP)-list MP Rangsiman Rome, categorically denying that Thai banks or the government are involved in supporting weapons procurement for the Myanmar junta. These remarks follow a report from the Office of the United Nations High Commissioner for Human Rights in late June, which claimed Thai banks…
- Business News
Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
- Thailand News
Thai banks fuel Myanmar’s bloodshed: UN
Thai banks have become the main financial lifeline for Myanmar’s military government, enabling it to buy goods and equipment for its brutal campaign against pro-democracy resistance and ethnic minority groups. This revelation comes from a UN report released yesterday, June 26, by Tom Andrews, the UN special rapporteur on the situation of human rights in Myanmar. The report details how…
- Business News
Vietnam considers ceasing decade long gold import ban
Vietnam may soon allow companies to import gold for the first time in over a decade. Aiming to bridge the gap between local prices and international benchmarks, this development comes as the Vietnam Gold Traders Association (VGTA) continues its extended discussions with the government to address the supply and demand imbalance for gold. Huynh Trung Khanh, vice chair of VGTA,…
- Business News
Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
- Business News
Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
- Business News
BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
- Thailand News
PM Srettha discusses interest rate cuts with bank chiefs
Prime Minister Srettha Thavasin convened a meeting with top executives from four major banks to discuss potential interest rate reductions aimed at aiding vulnerable groups within the country. The discussions took place at the Government House at 9am today just before the weekly Cabinet meeting. PM Srettha, who also serves as Finance Minister, sought cooperation from the leaders of both…
- Business News
SCB X Plc set to acquire Home Credit’s Vietnamese operations
Thailand’s largest bank by market value, SCB X Plc, is reportedly on the brink of securing a deal to acquire the Vietnamese operations of consumer lender, Home Credit. The transaction, which could be worth up to US$900 million, is expected to be announced within the week, say sources familiar with the proceedings who wish to remain anonymous due to the…
- Business News
Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
- Thailand News
Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
- World News
Italian banks face US$10 billion loss as new tax rattles market
An unforeseen tax on banks’ extraordinary profits, instigated by Italy’s conservative regime, has taken markets by surprise, causing an approximately US$10 billion decline in Italian lenders’ market value. The proclamation came late Monday night from Matteo Salvini, the Deputy Prime Minister, stating a 40% levy on excess gains from banks would be levied as part of a comprehensive decree ratified…
- Business News
Thai state banks raise interest rates after central bank policy hike
Following the Bank of Thailand‘s recent policy rate increase, state banks, including the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC), have raised interest rates for loans and deposits, with deposit rates exceeding loan rates. Vitai Ratanakorn, GSB’s president and chief executive, stated that after the central bank’s policy rate increased by a quarter percentage…
- Business News
Krungsri Auto targets 1/3 EV lending market share amid 203% growth forecast
Krungsri Auto, a leading automotive finance company under the Bank of Ayudhya, is targeting a one-third market share in electric vehicle (EV) lending this year. The firm anticipates a 6% decline in new motorcycle sales, amounting to 1.7 million units, mainly due to a high base effect. Out of these, 30,000 units are expected to be electric motorcycles, an increase…
- Business News
Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
- Business News
Thai Bankers’ Association considers new fee structure for industry
The Thai Bankers’ Association (TBA), which represents the banking industry in the country, is contemplating the introduction of a new fee structure in response to increasing operating costs. Banks are planning to take into account expenses from traditional and digital banking services while finalising the updated fee structure. This will be done in conjunction with the Bank of Thailand. The…
- Business News
Banking job boom and surging salaries in Saudi Arabia
Despite ongoing global financial challenges, Saudi Arabia is experiencing a significant surge in banking jobs and salaries. This growth is attributed to the ambitious economic expansion plans by Crown Prince Mohammed Bin Salman, who is utilising oil sales revenue to transform the nation’s economy. With over US$600 billion worth of assets, Saudi Arabia’s Public Investment Fund is hiring swiftly, attracting…
- World News
JPMorgan Chase swoops in to buy US crisis bank First Republic
US financial authorities seized California’s struggling First Republic Bank on Monday and sold it to JPMorgan Chase, hoping to bring stability to a banking crisis that has rattled the financial system. First Republic, following the disclosure of a loss of over US$100 billion in deposits in the first quarter, became the second-largest bank by assets to collapse in US history.…
- World News
Banks deny wrongdoing in Jeffrey Epstein lawsuit
Two major banks are denying any legal responsibilities in Jeffrey Epstein’s sex trafficking after two victims filed lawsuits against them. American bank JPMorgan Chase and German-based Deutsche Bank requested that the federal court drops the suit that claims the banks should have known of Epstein’s illegal sexual escapades and therefore bear some responsibility for the abuse that occurred. Epstein was…
- Travel
City Guide: How to open a bank account in Thailand 2022
Opening a bank account in Thailand is important if you’re going to stay here for the long run. Expats frequently have trouble opening a bank account or are uninformed about the process. This’s where we come in… Having a Thai bank account can help you manage your finances more effectively, including sending and receiving money from overseas. Obviously, it’s necessary…
- Technology News
Digital literacy a must for bank card holders after recent cyber fraud incident
In light of the recent cyber fraud incident, in which 40,000 people were victimised in Thailand, a cybersecurity expert is emphasizing the need for digital literacy. Prinya Hom-anek, president of the ACIS Professional Centre, an IT security consulting service, says bank card holders are the most vulnerable in the payment ecosystem. This vulnerability sees criminals targetting the group first, as…
- Crime News
Banks confirm refunds to recent cyber fraud victims
After the recent cyber fraud scam that affected at least 40,000 individuals in Thailand, banks are now confirming that they will refund money to such victims. The scam saw small amounts of online withdrawals through hacking users’ debit and/or credit card information. Payong Srivanich, chairman of the Thai Bankers’ Association, says banks will pay back money to the victims of…
- Economy News
Thai household debt expected to keep rising- Kasikorn Research
Despite rolling out Covid-19 vaccines, in which could see a faster return to pre-Covid times, Thailand’s household debt is expected to keep rising. Kasikorn Research analysts say it could, in fact, reach 89-91% by the end of the year. In a recent survey, KResearch says 10.8% of respondents could be stuck in a financial crisis. Of those who may be…
- World News
UPDATE: Burmese Coup: Myanmar’s banks told to close “because of internet problems”
All Burmese bank branches have been closed across Myanmar today after the bloodless military coup this morning. The Burmese army have declared a state of emergency for the next 12 months and have arrested and detained de facto civilian leader Aung San Suu Kyi, along with other National League for Democracy politicians. The country’s banking association made an announcement this…
- Thailand video news
Thailand News Today | Surachet sues, The Nude Panda | September 23
Daily TV News from The Thaiger Former immigration chief, “Big Joke” suing Thai PM over transfer The former head of Thai Immigration, and poster boy for Thai officialdom, Surachet Hakparn, is taking legal action against Thai PM Prayut Chan-o-cha, after the PM had him unceremoniously transferred to an inactive post last year. Surachet, commonly known by the nickname “Big Joke”,…
- Covid-19 News
Four major banks close branches for the weekend to prevent crowds
Four of Thailand’s biggest commercial banks are closing all branches over the weekend to promote social distancing and fight the spread of the Covid-19. Kasikornbank, Siam Commercial Bank, Krungthai Bank and TMB-Thanachart Bank announced yesterday that they would close all branches nationwide today and tomorrow (Saturday and Sunday). Electronic services will remain available. Krungthai Bank’s announcement said the decision was…
- Covid-19 News
400 billion baht stimulus announced to boost Thai economy
“The package will inject an estimated 400 billion baht into the economy in a bid to return growth to positive territory.” Yesterday’s Thai cabinet meeting gave the greenlight to a new stimulus package. The government expects the approved 400 billion baht to reduce the impact of the Covid-19 coronavirus outbreak. Last week’s 2,000 baht cash stimulus proposal, which was largely…
- Business News
SE Asian banks slowly giving way to e-payments and payment apps
PHOTO: starbucks.com That cold, hard cash in your pocket, and the traditional shop-front banks that give it to you, are slowly being phased out and replaced with e-payments. It’s now expected that traditional banks in South east Asia will miss out on as much as US$5 billion, or 14.3% of their payments revenue by 2025. A report says they are…
- Business News
Bank of Thailand cuts policy rate, to 1.5%
The Bank of Thailand’s Monetary Policy Committee has made a surprise decision today to cut the policy interest rate amid pressure to avert an economic slowdown and hedge the heightened trade war between the US and China. The MPC cut the interest rate by only 25 basis points to 1.5 %. But the cut is significant. Of the seven-member committee,…
- Business News
Moody’s upgrades most Thai banks’ credit ratings from ‘stable’ to ‘positive’
Moody’s Investors Service upgraded the Baseline Credit Assessments of eleven Thai banks (1) Bangkok Bank Public Company Limited (BBL) (2) Bank of Ayudhya (BAY) (3) CIMB Thai Bank Public Company Limited (CIMBT) (4) Export-Import Bank of Thailand (EXIMT) (5) Government Housing Bank of Thailand (GHB) (6) KASIKORNBANK Public Company Limited (KBank) (7) Krung Thai Bank Public Company Limited (KTB) (8)…
