Thailand

Thai banks are eyeing to operate in Myanmar when the latter's policy of opening to international banks takes effect on 2015.

Kasikornbank and CIMB Bank Thai will temporarily suspend electronic banking services this weekend for a major systems upgrade.

BCEL's initial unaudited profit for 2011 is a 70 percent increase over the 2010 audited figure.

Phongsavanh Bank and Bangkok Bank have signed and launched a cross border ATM link project with the Processing Center Company Limited.

The Anti-Money Laundering Office will explain Thailand's position after the Financial Action Task Force labelled the country "high-risk".

The Kasikorn Group will lend Dongfeng Automobile more than US$9.85 million as the latter builds its presence in Thailand.

Thailand's commerce minister Kittiratt Na-Ranong urged Australian banks to buy stakes in, or enter local partnerships with, established banks in the country.

Money exchange services will be conducted by Myanmar banks in Singapore, Malaysia and Thailand starting February.

CIMB Group would apply for a banking licence in Laos in its bid to cover all Asean markets.

Foreign banks, long prohibited from opening branches in Thailand, will find this strangling state of affairs somewhat easing in 2013.

Myanmar reduced bank loan interest rate from 12 percent to 10 percent to encourage private entrepreneurs to carry out business undertakings. Aimed at developing investment and national economy, the Central Bank of Myanmar will also re-set the interest rate for deposit not to be less than 8 percent, which is 2 percent lower than bank rate, the report said. On Sept. 1, 2011, the Central Bank of Myanmar has adjusted bank loan interest rate with a view to accelerating the national economy, encouraging investment, higher performance by creating competitiveness among banks, and setting different interest rates of bank savings. According to the Finance and Revenue Ministry, the Central Bank of Myanmar has allowed establishment of private banks since 1992 and so far there are 19 private banks in the country operating with 305 branches. For the source of this sotry, click here.

Bangkok Bank increased maintenance of its ATMs at public transport stations, including the BTS and MRT.

The bank’s meager exposures in international areas gave is among its areas of strength.

Bad loans, higher costs, and lower demand seen to hit lenders’ results.

However, the bank’s profitability remains weak compared to other similar-sized Thai banks.

MacRae expected to bring strategy, sales management and specialist knowledge in distribution business to the unit.