Bangkok Bank China opens for business

Bangkok Bank China Co. Ltd., the first Thai bank to be locally incorporated in China, has opened for business.

It is one of fewer than 30 foreign banks to attain the locally incorporated status. Bangkok Bank's former branches in Shanghai, Beijing, Shenzhen and Xiamen are now branches of Bangkok Bank China, headquartered in Shanghai. More branches will be added as the bank expands its customer base and geographical presence.

Suwatchai Songwanich, formerly head of the Shenzhen branch, is the new bank's CEO and Prasong Uthaisangchai, Bangkok Bank Senior Executive Vice-President, is the Vice-Chairman.

Bangkok Bank President and Bangkok Bank China Chairman Chartsiri Sophonpanich described the incorporation of Bangkok Bank China as a major milestone which would benefit customers doing business in China, as well as providing new opportunities for future expansion.

"This is an exciting time for Bangkok Bank. We have a long history in China and the Asian region, opening our first overseas branch in Hong Kong in 1954 and our first office in Beijing in 1986. The new bank, which has been several years in the planning, is a logical extension of this strategy of growing with our customers. Our many branches in China and Southeast Asia work hard to support our customers doing business throughout the region, and Bangkok Bank China will take this support to a new level," said Mr. Chartsiri.

While Bangkok Bank's focus in China will continue to be corporate lending and trade services—including trade finance, treasury services, currency exchange and global payments—having a local bank license means the new bank will be able to accept deposits in renminbi from companies and foreign individuals which will provide more funds for lending to customers.

Local incorporation will also allow the bank to expand its branch network more quickly, and move into consumer lending, providing a wider range of banking services than currently. Bangkok Bank China will also be the facilitator for Bangkok Bank in its role as a general renminbi clearing-house in Thailand.

The achievement has been welcomed by Thailand's Finance Minister Korn Chatikavanij as signifying Thailand's increasing links with China and the Kingdom's growing regional presence.

"The formation of Bangkok Bank China is an example of Thai companies strengthening their relationships with China and succeeding in this crucial market. China is already one of Thailand's major trading partners and is set to play a key role in intra-Asian global trade for many years to come, so this achievement will benefit both Bangkok Bank and Thailand," said Mr. Korn.