Thai banks eye foreign expansion despite pandemic

[webfact]

Thai banks eye foreign expansion despite pandemic

By THE NATION

 

 

Three Thai banks claim that their plans to enter foreign markets is continuing despite the Covid-19 pandemic.

 

Kasikornbank said it has not suspended its strategy to expand overseas, adding that this period of Covid-19 crisis is a prime period for preparation.

 

Kattiya Indaravijaya, the bank’s chief executive officer, said KBank’s expansion will be visible next year, especially in the Chinese market, which the bank aims to penetrate by offering personal loan services.

 

Bangkok Bank (BBL) has also said it will continue expanding overseas as planned, with the bank’s president Chartsiri Sophonpanich saying his bank will focus more on digital services.

 

Separately, Siam Commercial Bank (SCB) has already entered the Myanmar market and set up Siam Commercial Bank Myanmar Limited (SCBM).

 

Sarut Ruttanaporn, SCB’s president, said SCBM was wholly owned by SCB with US$150 million in authorised capital.

 

“SCB will ask Myanmar’s central bank for a licence to operate a bank in the country,” he said.

 

Source: https://www.nationthailand.com/news/30395463

 

-- © Copyright The Nation Thailand 2020-10-02

 

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[Redline]

9 hours ago, webfact said:

Bangkok Bank (BBL) has also said it will continue expanding overseas as planned, with the bank’s president Chartsiri Sophonpanich saying his bank will focus more on digital services.

 

It looks like they still use DOS operating system, and they still use bank books~like we had as children in the USA.  Any transaction, such as getting another bank book, opening an account, or applying for a new credit card is 20 to 30 minutes of paperwork and signing 20 copies of papers with stamps and initials on them.  They are still in the 1990s.  The new phone app is decent though.

 

Edited October 2, 2020 by Redline

[RichardColeman]

1 hour ago, Redline said:

Any transaction, such as getting another bank book, opening an account, or applying for a new credit card is 20 to 30 minutes of paperwork and signing 20 copies of papers with stamps and initials on them.  They are still in the 1990s.  

Be fair, there'd be 20,000,000 more unemployed if Thais actually upgraded systems and employed the real number of people they needed across the country

[lungbing]

If I were a foreign regulator I would tell thai banks they could open in my country just as soon as our banks can open in Thailand.

[Leaver]

6 hours ago, RichardColeman said:

Be fair, there'd be 20,000,000 more unemployed if Thais actually upgraded systems and employed the real number of people they needed across the country

There would probably be 20,000,000 more trees alive also.  ????

[Redline]

12 hours ago, RichardColeman said:

Be fair, there'd be 20,000,000 more unemployed if Thais actually upgraded systems and employed the real number of people they needed across the country

More rice farmers-they want a sustainable circular economy