SCB funds loans for CP to expand retail business in China

BANGKOK, 14 January, 2010 (NNT) – Siam Commercial Bank (SCB) will provide financial support of up to 250 million USD or 8.25 billion THB for Lotus Supercenter’s expansion in China, operated by Chia Tai Enterprises International Limited (CTEI), one of the affiliates of Charoen Pokphand Foods Public Company Ltd (CP),to increase its potential in retail business.

Thanin Jiarawanon, President of the CP group, disclosed that CP was the first multinational company that obtained commercial registration in China since China has announced the policy to open its economy to foreign investment. He confirmed his ambitious visions that all loans will be injected in this retail store to strengthen marketing boundaries in China.

Lotus Supercenter has been operating its business since 1997 onwards and has thus far been trusted by SCB, Bangkok Bank in China, and Nakhorn Luang Thai Bank. Mr Thanin lastly said that this would be one of the important steps of the CP group in China.

Apart from SCB, the main pillar in providing financial support, there will be Bangkok Bank in China and Nakhorn Luang Thai Bank.