Bangkok Bank invests 20 bn THB in China

BANGKOK, 29 December 2009 (NNT) – Bangkok Bank PCL launches Bangkok Bank China Co, Ltd with the registered capital of 20 billion THB.

President of Bangkok Bank Chartsiri Sophonpanich said that the Bangkok Bank China Co, Ltd was officially opened on 28 December 2009. The new company is a wholly foreign-funded bank, with Bangkok Bank owning 100% the stocks.

Bangkok Bank branches in Shanghai, Beijing, Xia Men, Shenzhen will be converted into a local bank upon the establishment of Bangkok Bank China.

Mr Chartsiri said Bangkok Bank China would operate individually, in terms of branch expansion and other operations. Foreign and Chinese juristic persons can conduct their transactions in RMB, which before was only limited to foreigners, with the company’s branches.

Bangkok Bank China is allowed by China’s laws to expand one branch in every six months, with an unlimited number of sub branches, said Mr Chartsiri. For the first ten years, the company has a plan to open up to 20 full service branches and 30 sub branches.

Finance Minister Korn Chatikavanij said that the collaboration reflected close relationships between the two countries and would increase Thailand’s role in the region.