Thailand

Purchase of 47.6% stake in SCB has given Scotiabank avenue to expand in Thailand.

US company seeks mutual fund and asset management business as it targets 20% growth overseas market.

Sources said Thanachart Bank had $984mln bid to acquire 48% of SCB from Bank of Thailand.

100% stake in Sathorn Asset Management with $90.38mln NPL planned to be sold to CIMB Group.

Minimum monthly income of $452 is still required by lender for personal loans and credit cards.

A person familiar with the deal said Thanachart offered $984.3 million for the SCIB's 47.6 percent stake.

Lenders still eager to acquire 47.6 percent stake in Siam City after three other bidders quit.

Krung Thai Bank has developed electronic money transfer innovation for payment of goods. 

HSBC and KDB compete to seize the chance of extending operations in the under-banked country.

Mr Mark Arnold succeeds Bank of Ayudhya's former President and CEO, Mr Tan Kong Khoon. He had announced his wish to step down from his role on 31 December 2009 as his term expires early 2010.

Lender's optimism extends to its expansion plans and growth in consumer loans.

SCB reported a 2009 net profit of US$630.6 million--almost at par with the record high set in 2008. In addition, the Bank reported a resumption of loan growth at 2.5 percent, significantly higher fee income at 10.9 percent.

Bank wants its new shareholder to help fortify operations and to revise bank's 2010 core business plan.

Bangkok Bank increased its net profit in 2009 by 0.02 percent to US$606 million.  Profit before provisioning and tax amounted to US$1.085 billion, 0.7 percent higher than 2008.

9.5 percent increase is eyed to get rosier this year due to stimulus package.

Lender targets profiting from Chinese small and medium enterprises as it ventures in the country.