http://www.biz-day.com/bank_and_finance/ Business Day Bank & Finance Headlines en-us BANGKOK, Oct 26 -- The Thai government is still awaiting a reply from the Japan Bank for International Cooperation (JBIC) on its request for loans to finance construction of two new electric train lines designed for easing traffic congestion here, said Finance Minister Chalongphob Sussangkarn on Friday.'Mr. Chalongphob said it is likely that the government would find lending sources in the country to finance the construction of the red route of the electric train lines from Taling Chan to... http://www.biz-day.com/read/bank_and_finance/26_oct_07/zb3kp-c/thailand_awaits_reply_jbic_loan_request.htm BANGKOK, Oct 23 - The Thai government as well as the business community should borrow more US dollars from overseas while the American currency is softening, Thailand's Deputy Finance Minister Sommai Phasee said Tuesday.' 'At a time when some governments and businesses are divesting their dollar holdings, Mr. Sommai's recommendations provide food for thought. 'Borrowing greenbacks could also help in refinancing debts, according to the deputy finance minister, adding that Thailand still... http://www.biz-day.com/read/bank_and_finance/23_oct_07/fc879-y/thailand_should_borrow_soft_us_dollars_abroad_says.htm BANGKOK, Oct 23 - Concerned over the possible rejection of four Ministry of Finance-sponsored financial and economic bills by whatever new government is formed after the December general election, Deputy Finance Minister Sommai Phasee said on Tuesday that the ministry should quickly submit them for early consideration by the National Legislative Assembly (NLA).'He said the four bills should be passed to the NLA for its members consideration and approval as soon as possible because Assembly... http://www.biz-day.com/read/bank_and_finance/23_oct_07/h546s-3/finance_ministry_asked_quickly_submit_financial_bills.htm BANGKOK, Oct 14 - Thailand's currency, the baht, is expected to remain strong against the US dollar this week, according to a report issued by Kasikorn Research Center. 'On Friday, the baht closed at Bt34.12-34.17 against the dollar on the onshore market compared to Bt34.14-34.18 on Thursday.'The report said the baht is projected to remain strong and move within Bt34.10-34.20 against the dollar this week, on the back of factors including the selling of dollars by exporters, foreign capital... http://www.biz-day.com/read/bank_and_finance/14_oct_07/cxu54-h/thai_baht_remain_strong_against_dollar_this_week.htm BANGKOK, Oct 10 - The Bank of Thailand's Monetary Policy Committee (MPC) acted on Wednesday to leave its benchmark policy rate unchanged at 3.25 per cent as widely anticipated by the market.'Bank of Thailand assistant governor Suchada Kirakul said in a statement that the MPC meeting decided to keep the 1-day repurchase rate at 3.25 per cent after recent economic data showed signs of improvement in domestic demand, both consumption and investment. '"Exports continued to expand well... http://www.biz-day.com/read/bank_and_finance/10_oct_07/byg9g-d/thai_central_bank_keeps_lid_policy_interest_rate.htm BANGKOK, Sept 22 - Citing that many countries have already implemented savings protection to depositors, a senior Bank of Thailand (BoT) official said the central bank believes the Deposit Protection Act will benefit depositors and financial institutions alike. ' 'Only a small proportion of depositors -- very large-scale players -- will be denied full coverage under the act. In Thailand only 10,000 depositors have over Bt50 million in a single savings account. 'BoT assistant governor... http://www.biz-day.com/read/bank_and_finance/23_sep_07/d8e8c-f/bot_affirms_deposit_protection_law_good_depositors.htm Bangkok, Jan 8: Tarisa Watanagase, governor of the Bank of Thailand has said that the government has no plans to scrap the tough currency controls announced Dec. 19 to curb speculation on the baht, but the central bank is prepared to make some slight adjustments. '"The reserve policy will not be changed. It's not that we will scrap it in three or six months as people said because we don't want hot money. But we may make some adjustments," Reuters quoted Tarisa as saying. 'Thai shares... http://www.biz-day.com/read/bank_and_finance/07_jan_07/d6nty-7/thailand_has_no_immediate_plan_lift_remaining_capital.htm BANGKOK, Jan 5 - Local interest rates are expected to drop by around one percentage point this year along with a global interest rate decline, according to a top banker.'Siam Commercial Bank president Jada Wattanasiritham and Chairman of the Thai Bankers' Association said Friday that global interest rates will tend to fall this year and so will local interest rates.'Khunying Jada said she saw no factors that could push interest rates up this year. Given existing factors, interest rates... http://www.biz-day.com/read/bank_and_finance/04_jan_07/ibmnh-b/local_interest_rates_likely_drop_1_this_year.htm BANGKOK, Jan 5 - Thailand's economy will grow 4-5 per cent this year and stabilise soon unless there is a repetition of this week's bombings in the capital, according to the Bangkok Bank's Macro-Economic Analysis Centre.'Analysing impacts of the New Year's Eve bombings in Bangkok, the centre said it is confident the government would manage to bring the situation under control and restore confidence soon.'So, it maintains its projection for an economy expanding at 4-5 per cent although the... http://www.biz-day.com/read/bank_and_finance/04_jan_07/zbfi5-4/bangkok_bank_sees_4_5_economic_rise_this_year.htm Bangkok, Jan 4 - Thailand's Bank of Ayudhya PCL (BAY.BK: Quote, Profile , Research) (BAY) said on Thursday a unit of General Electric (GE.N: Quote, Profile , Research) had completed its 22.3 billion baht ($626.4 million) purchase of a 25.4 percent stake in the bank. 'Thailand's sixth largest bank told the exchange GE Capital International Holdings Corporation completed the payment for 1.39 billion shares at 16 baht each Wednesday, reports Reuters. 'The deal, delayed from October due to... http://www.biz-day.com/read/bank_and_finance/03_jan_07/ett5b-d/ge_completes_626_mln_thailands_bay_stake_deal.htm BANGKOK, Dec 22 - The Bank of Thailand should exercise greater care in managing the monetary policy and the currency exchange rate, according to a leading Thai economist.'Commenting on the Bank of Thailand's (BoT) decision to impose a 30 per cent reserve requirement on short-term capital inflows, Ammar Siamwalla, distinguished scholar at the Thailand Development Research Institute (TDRI), said the central bank should cut the policy interest rate in a first move to curb the baht... http://www.biz-day.com/read/bank_and_finance/21_dec_06/csptz-j/bank_urged_more_carefully_manage_monetary_policy.htm Bangkok, Dec 21: Bank of Thailand has defended measures to control the appreciation of the baht that wiped 23 billion from the value of Thai stocks, saying the rules will be removed once "volatility" eases. '"As soon as the volatility reduces, we will lift the requirement. This is temporary," Bloomberg quoted the bank's governor Tarisa Watanagase as sayinh. 'The baht suffered its worst fall in more than seven years. 'Tarisa announced currency controls on Monday to stem a 16 % rise in... http://www.biz-day.com/read/bank_and_finance/20_dec_06/fic62-2/rules_be_eased_once.htm BANGKOK, Dec 20 - The Bank of Thailand's move to impose a reserve requirement on short-term capital inflows would benefit the economy in the long run, according to a top Thai banker.'Bangkok Bank executive chairman Chatri Sophonpanich said the central bank was forced to introduce the mandatory reserve measure because its lack of response could put the country's economy in jeopardy.'He considered the measure as being not too harsh. The baht appreciation, if allowed to go unabated, would... http://www.biz-day.com/read/bank_and_finance/19_dec_06/bpbyv-n/bangkok_bank_supports_mandatory_reserve_capital_inflows.htm BANGKOK, Nov 20 - Bank of Thailand Governor Tarisa Watanagase on Sunday added her support for a proposed upgrading of performance of specialised state-owned financial institutions to meet the same standards as those of private commercial banks.' 'The Fiscal Policy Office recently proposed that the central bank have a role in supervising the specialised banks to ensure they could perform at the same standard level as that of commercial banks.' 'Mrs. Tarisa said she agreed with the proposal... http://www.biz-day.com/read/bank_and_finance/19_nov_06/iwgbu-8/central_bank_backs_specialised_bank_performance_upgrade.htm BANGKOK, Nov 16 - Bank of Thailand Gov. Tarisa Watanagase on Wednesday renewed the central bank's commitment to implement its policies independently and without political interference.'She said the central bank still serves as the country's economic cornerstone, but stands ready to re-examine its fiscal policies if its implementation appear to lack discipline and goes against the government's monetary policies.'"Although our main duty is to supervise monetary policy, we are ready to... http://www.biz-day.com/read/bank_and_finance/16_nov_06/gsnai-y/central_bank_chief_emphasizes_policies.htm BANGKOK, Nov 13 (TNA) - Thailand's Government Pension Fund secretary-general Visit Tantisunthorn on Monday revealed the GPF board had resolved to expand investment in capital and debt instruments overseas to diversify risks and create yields from various investment channels. ' 'At present, GPF's investment in the capital and debt instruments overseas accounts for 4.21 and 5.06 per cent of its total asset value of Bt318.81 billion (about US$8.7 billion) as of the third quarter of this year. '... http://www.biz-day.com/read/bank_and_finance/13_nov_06/iwmkn-w/gpf_expand_investment_capital_debt_instruments_overseas.htm BANGKOK, Nov 10 - Foreign investors in Thailand remain uncertain about the issue of 'nominee status' despite a clarification from the government on the matter by economics-related ministers, a top securities executive said today. 'Artdanai Sucharitkul, President of the Foreign Securities Companies' Association, said foreign investors now have a greater understanding of the sufficiency economy following an explanation of the government policy on the matter by Deputy Prime Minister and Finance... http://www.biz-day.com/read/bank_and_finance/10_nov_06/gctyb-j/foreign_investors_remain_uncertain_about_nominee_status.htm BANGKOK, Sept 27 - Foreign bankers are confident that the Thai economy will continue to grow if the budget for fiscal 2007 is allocated as scheduled and an interim government and its head are acceptable to the public.'Speaking after a two-hour meeting with senior officials of the Bank of Thailand, Chaiwat Uthaiwan, Manager of AIG Consumer Finance (Thailand) Co, said it is a venue where foreign bank branches in Thailand are kept informed of Thai economic data following the political change... http://www.biz-day.com/read/bank_and_finance/27_sep_06/gv8i3-n/foreign_bankers_remain_confident_over_thai_economy.htm TOKYO - Hitachi Ltd. said Friday it now expects to post a group net loss of Y55 billion in the current fiscal year due to costs related to the repair of nuclear reactor turbines and other expenses. 'SEOUL - Even though prices of liquid crystal display panels have started to edge up amid seasonally stronger demand, LG.Philips LCD Co. doesn't expect its earnings to show a significant improvement in the third quarter as the flat panel display maker continues to pare down inventories, a company... http://www.biz-day.com/read/bank_and_finance/19_sep_06/dc6ma-2/regional_briefs_equities.htm Staff Writer'BUSINESS DAY'Kasikorn Bank Plc (KBANK) expects to see K-Payment Gateway value increase to 1.2 billion baht at the end of this year, compared to 159 million baht in last year due to its high efficiency service that can operate all 24 hour.'Krissada Lamsam, a KBANK first senior vice-president said e-payment business of KBANK should increase its value to 1.2 billion baht at the end of this year, compared to 159 million baht in last year K-Payment Gateway is the KBANK online bill... http://www.biz-day.com/read/bank_and_finance/29_aug_06/h6gsa-j/kbank_expects_1_2_billion_baht_e_payments.htm THE COUNTRY's government plans to spend about 3 billion baht ($80 million) buying TMB Bank Plc shares, helping the lender fund expansion, Deputy Finance Minister Chaiyot Sasomsub said.'The finance ministry will sell a 11 percent stake in MCOT Plc, a publicly traded television and radio operator, to state- owned Government Housing Bank to fund the purchase, Chaiyot told reporters in Bangkok Tuesday after the cabinet approved the move.' The ministry owns 21 percent of TMB Bank, while the army... http://www.biz-day.com/read/bank_and_finance/08_aug_06/idkac-x/govt_buy_3bn_baht_of_shares.htm Bangkok Bank Plc, Thailand's largest lender by assets, said second-quarter profit fell 21 percent after it resumed paying tax following a seven-year break. It's the third quarter in a row that the lender's profit declined.'Net income dropped to 4.39 billion baht ($115 million) or 2.30 baht a share, from 5.57 billion baht or 2.92 baht a share a year earlier, the Bangkok-based lender said today in a filing to the Thai stock exchange. The lender was forecast to report 4.28 billion baht of profit,... http://www.biz-day.com/read/bank_and_finance/20_jul_06/ie6m2-5/mixed_fortune_bangkok_banks_q2.htm Sri Lanka's central bank kept its key interest rate at a three-year high amid concern higher fuel prices may stoke inflation.'The Central Bank of Sri Lanka left the repurchase rate at which it drains money from the banking system at 8.75 percent, the highest since May 2003, the bank said today in a statement that was released two days earlier than scheduled. The move had been predicted by all eight analysts surveyed by Bloomberg News.'Inflation, which eased to a 15-month low in April after... http://www.biz-day.com/read/bank_and_finance/16_may_06/f9znf-8/sri_lanka_key_rate_stays_high.htm State-owned Krung Thai Bank Plc, the country's second-largest bank in terms of assets, Thursday reported a net profit of 4.80 billion in the first quarter, up by 11.3 percent on year. 'The bottom line was slightly better than analysts' had expected. A survey of four analysts by Dow Jones forecast a net profit of around 4.58 billion.'The first-quarter net profit was also up by over five-fold from 786 million in the previous quarter, mainly due to a substantially lower loan loss provision.... http://www.biz-day.com/read/bank_and_finance/23_apr_06/dihp8-w/krung_thai_bank_sees_q1_profit_rise_11_3.htm Siam Commercial Bank Plc, Thailand's third largest bank by assets, said Friday that its nonperforming loans as of end-March, 2006 were at 8.8 percent of total lending, down from 9.3 percent at the end of last year. 'Problem loans amounted to 56.03 billion baht, down from 57.12 billion baht three months earlier, the bank said in a statement. 'At the end of March, the bank's loan loss provision amounted to 48.09 billion baht, the statement said. http://www.biz-day.com/read/bank_and_finance/23_apr_06/dsp8b-r/scb_sees_npls_fall_8_8.htm KRUNG Thai Bank Plc, Thailand's second-largest lender by assets, said profit in the first quarter rose 11 percent, boosted by higher interest and dividend income.'Net income increased to 4.8 billion baht (US$127 million), or 0.43 baht a share, from 4.3 billion baht, or 0.39 baht a share, a year earlier, the Bangkok-based lender said Thursday in a filing to the local stock exchange. Krung Thai was forecast to report profit of 4.4 billion baht, based on the median estimate of eight analysts... http://www.biz-day.com/read/bank_and_finance/20_apr_06/bsdit-6/krung_thai_profit_rises_11_first_quarter.htm Bangkok Bank PCL (BBL), Thailand's largest commercial lender, said Thursday it is offering a generous rate of 5.125 percent on 10-month fixed deposits of 100,000 baht and above. 'The new deposit account adds to the bank's current offering of three-, six, 12- and 24-month deposits. The rate on the new 10-month account is attractive considering 12-month deposits return just 3.75 percent-4.25 percent, depending on the amount of the deposit. 'The offer, which must be taken up between Friday and... http://www.biz-day.com/read/bank_and_finance/02_apr_06/es8tx-n/bbl_offers_5_12_rate_deposits.htm It's been dubbed Japan's 'Enron moment,'' that seminal event suggesting what investors knew about a company, and perhaps a broader business environment, was false.'Enron Corp.'s demise in 2001 did just that in the US; Japan's turn may have come in January when prosecutors raided the Tokyo offices of Livedoor Co.'Founded by anti-establishment entrepreneur Takafumi Horie, Livedoor was Japan's highest-profile Internet company of late -- the poster child of its New Economy. That was until the... http://www.biz-day.com/read/bank_and_finance/12_feb_06/z84rh-x/first_enron_then_worldcom_now_livedoor.htm A.P.F. Holdings Ltd., a Japanese private fund, has agreed to buy 42.9 million shares, or a 25.4% stake, in Thailand's United Securities from a group of major shareholders at a price of THB8.04 a share, the Thai brokerage firm said in a statement Monday. 'Among the sellers are Town Holding Ltd., TME Capital Ltd., City Holding Ltd., Ufinves Corp. Ltd., and Vitoon Wongkusolkit. 'Following the transactions, A.P.F. is required to make a mandatory offer for all remaining shares of United... http://www.biz-day.com/read/bank_and_finance/31_jan_06/gy96b-n/aph_buy_25_4_stake_united.htm China Minsheng Banking, the nation's first privately owned lender, plans to sell as much as 30 billion yuan ($3.7 billion) of bonds by June 2007 to improve asset liquidity after winning shareholder approval for the sale. 'The plan, approved Saturday by shareholders, allows the lender to sell three-year, five-year and 10-year bonds on the interbank market to institutional investors, the company said in a statement to the Shanghai Stock Exchange yesterday. 'Proceeds from the bond sale will be... http://www.biz-day.com/read/bank_and_finance/25_dec_05/zy25z-4/minsheng_wins_approval_bonds.htm TISCO Bank Plc said yesterday that the small Thai bank plans to set up a holding company called TISCO Plc, which will make a tender offer to buy the entire bank as well as all of its interests in subsidiaries before listing on the Stock Exchange of Thailand in April. 'Upon completion, the company plans to delist shares of TISCO Bank from the exchange, it said in a statement to the bourse. 'TISCO Bank said the restructuring is aimed at reducing operating risks, lowering capital requirements... http://www.biz-day.com/read/bank_and_finance/07_nov_05/i5fin-m/tisco_bank_restructures_list_grow.htm The world of life insurance is changing - becoming more complex and more competitive. With more than 500,000 policy holders UT Alliance CT Life is one of the leaders. Dr Valerie McKenzie welcomes the President of Ayudhya Alliance CP Life Plc, Wilf Blackburn.'MORNING TALK: You have 500,000 policy holders currently. What is the growth you are looking for and what do you think the potential is over the next year or so?'Wilf: The industry is growing at around 15-20 percent every year, largely... http://www.biz-day.com/read/bank_and_finance/06_nov_05/ghk6t-e/insurance_world_expands_meet_new_challenges.htm The Bank of Thailand (BOT) will issue a new Bt 100 banknote later this month in honour of King Rama V the Great.'The new banknote, with an image of King Bhumibol Adulyadej (King Rama IX) on one side --as usual--and with that of King Rama V the Great, known also as Chulalongkorn the Great, on the other, will be issued on October 21, according to a BOT announcement.'The new banknote commemorates the 100th anniversary of the abolition of slavery in Thailand and honours King Rama V the Great,... http://www.biz-day.com/read/bank_and_finance/06_oct_05/eqv3s-x/banknote_honours_king_rama_v.htm The Export-Import Bank of Thailand has chosen Bangkok Bank Plc (BBL.TH) to handle its planned 6 -10 billion baht issue of baht bonds in October, an official at the bank said Tuesday.' The bonds, expected to carry three- and five-year maturities, will be offered to both retail and institutional investors. This will be the first time that the bank is offering bonds to the public as it normally raises funds from institutional investors, the official said.' In order to raise funds from the... http://www.biz-day.com/read/bank_and_finance/30_aug_05/c4qxt-j/bangkok_bank_head_issue.htm The outstanding loans in the banking system in July edged up 35.75 billion baht or 0.34 percent from that of the previous month and deposits increased 52.67 billion or 0.99 percent, according to the KASIKORN Research Centre.'The leading think-tank reported the outstanding loans in July rose to 4.35 trillion baht since Tisco Finance Plc had been upgraded into a new commercial bank.'Unless assets of the new bank are included, the outstanding loans in the month dropped 14.53 billion baht or 0.34... http://www.biz-day.com/read/bank_and_finance/24_aug_05/hxwdj-m/unpaid_loans_edge_up_0_34.htm The Ministry Of Finance rejected the retail banking application of Siam Industrial Credit Plc because Siam Commercial Bank Plc owns a substantial stake in it, the finance company said Tuesday in a statement to the Stock Exchange of Thailand.'Crossholdings between financial institutions aren't allowed under the financial master plan.'Siam Commercial bank holds a 49.5 percent stake in Siam Industrial Credit.'However, Siam Industrial Credit still maintains its status and continues to operate... http://www.biz-day.com/read/bank_and_finance/09_aug_05/czdzw-p/mof_rejects_siam_indus_credit.htm Kasikornbank Plc, Thailand's third-largest lender, said profit rose 21 percent in the second-quarter as it earned more interest from loans and extra dividend income from equities. Net income rose to 3.85 billion baht ($91.7 million) from a restated 3.19 billion baht in the year-earlier period, the lender said yesterday in a filing to the Thai stock exchange. 'The bank was expected to post a 3.7 billion baht profit based on the median estimate in a Bloomberg survey of six analysts. Net income... http://www.biz-day.com/read/bank_and_finance/19_jul_05/zp8um-3/kasikornbank_q2_profit_rises_21_interest.htm Siam Commercial Bank Pcl, Thailand's fourth-largest lender, said second-quarter profit fell 12 percent because of investment losses. Net income fell to 4.27 billion baht ($102 million) in the three months ended June 30 from 4.87 billion baht a year earlier, the lender said in a faxed statement in Bangkok. 'Profit was expected to drop 5 percent to 4.6 billion baht, according to the median estimate in a Bloomberg survey of six analysts. 'The bank had investment losses of 173 million baht... http://www.biz-day.com/read/bank_and_finance/19_jul_05/gxdq5-b/scb_profit_falls_12_investment_loss.htm one-year deposit, loan rates 'Krung Thai Bank Plc, Thailand's second-largest bank, will raise its 1-year deposit rate by a quarter of a percentage point.'The rate will rise to 1.25 percent, effective today, Krung Thai said in an e-mailed statement. Krung Thai will offer the highest return on one-year savings among the five largest banks in Thailand after the increase.'Bank of Thailand wants commercial banks to raise deposit and loan rates to curb inflation as it will encourage more savings... http://www.biz-day.com/read/bank_and_finance/13_jul_05/djj5c-7/krung_thai_bank_raise.htm THE Government Savings Bank (GSB) said it plans to extend as much as one billion baht in loans to vendors in more than 900 local fresh markets across the country in order to expand its business.'It also plans to open 200 new branches at district offices to provide financial knowledge to the people. http://www.biz-day.com/read/bank_and_finance/23_may_05/cmxjv-h/gsb_plans_extend_1bn_baht_loans_fresh_market_vendors.htm IFCT Advisory is handling eight initial public offerings which are expected to list on the Stock Exchange of Thailand, or SET, next year, a senior company executive said yesterday. 'The first IPO, to be launched in January next year, is Bualuang Securities, which plans to sell 40 million new shares at a par value of two baht each to raise fund for its business expansion and working capital, said Nisaporn Rerkaram, a director at IFCT Advisory. 'Intel Vision Securities will launch its IPO... http://www.biz-day.com/read/bank_and_finance/15_dec_04/cb8a4-7/ifct_advisory_handle_8_ipos_2005.htm TMB Asset Management (TMBAM) will launch two long-term equity funds during November 1-10, expected to generate 400 million baht by the year-end.'TMBAM managing director Jotika Savanananda the two new long-term equity funds namely Jumbo 25 Dividend Long-Term Equity Fund and Jumbo Plus Dividend Long-Term Equity Fund. 'The company expects the Securities and Exchange Commission to approve the first-time selling of the two funds, with the minimum purchase of 2,000 baht. 'The Jumbo 25 Dividend... http://www.biz-day.com/read/bank_and_finance/20_oct_04/inyes-h/tmbam_launch_2_equity_funds.htm