Foreign banks given greater presence in Thailand

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Foreign banks given greater presence in Thailand
Seetalavajit Sabayjai
The Nation

The Bank of Thailand announced a historic move Thursday, allowing foreign bank branches to upgrade themselves and operate up to 20 branches nationwide.

It marked the first time that foreign banks can set up subsidiaries in Thailand. So far, they have been allowed to operate as branches and their presence is limited to one branch per bank.

Such move is a part of the second phase in the Financial Sector Master Plan, jointly drawn by the Ministry of Finance and the central bank, according to Thongurai Limpiti, an assistant governor.

Under the new rule, foreign banks can operate upto 20 branches and 20 off-premise ATMs.

The MOF has approved the move which takes effect today, Thongurai said.

Foreign banks have long sought for the permission, which came when banks in Europe are concentrating operations at home in light of debt crisis.


-- The Nation 2011-12-15

[Murtle_71]

its a move in the right direction but that not a lot of branches or ATM's...

I wonder how many will take up the offer