Tmb Staff Attack Deputy Minister's Remark

[Mid]

TMB staff attack deputy minister's remark

WICHIT CHANTANUS & ORNSIRI DARANA CHUDSRI

Wednesday June 20, 2007

TMB Bank employees yesterday rallied at the Finance Ministry to protest against recent comments by Sommai Phasee, the deputy finance minister, about the bank's performance and management.

The TMB labour union said that Mr Sommai had to share responsibility for damage the bank incurred from his recent public statements.

snip

Without changes and new capital, TMB, the country's sixth-largest bank, faces possible bankruptcy, Mr Sommai said earlier this week.

Edited June 20, 2007 by Maestro

[lannarebirth]

TMB has fiscal problems. I would not hold an account there.

[cclub75]

TMB Bank employees yesterday rallied at the Finance Ministry to protest against recent comments by Sommai Phasee, the deputy finance minister, about the bank's performance and management.

The TMB labour union said that Mr Sommai had to share responsibility for damage the bank incurred from his recent public statements.

So typical of the knee jerk reactions of "unions" (or any other thai groups) and their lack of responsability.

By the way, they do enjoy many advantages in this special "bank".

But they can't stand any critics.

It's enough to say that TMB has some real problems (which is a fact), and then they feel attacked in their proudness. It's ridiculous.

[samran]

they are also worried that Sommai might actually try to reform TMB as minister, using powers he never had when he was a senior exec at TMB. Sommai was they guy responsible for actually sacking the Revenue Dept officials who OKéd Thaksins non payment of tax last year. Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

[Mid]

Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

sounds as though we could do with a few more from the same mould ??

[samran]

Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

sounds as though we could do with a few more from the same mould ??

well there are actually a fair few around like him. You get to meet them from time to time and see their works over a couple of years. There is a core of very, very smart and comitted people.

Hence my perceived rose coloured view of the world by some of the posters. Rather than being rose coloured, it is based on confidence of the current 2IC management of the country - the people who handle the day to day stuff, and get things done. Serious and highly competent people. Which is why I ignore all the crap I read in the papers - the stuff that most people get their nickers in a twist about. Most of it is hot air and means nothing in the longer term.

Energy Minister is another one who stands out. He is a bit of a pr!ck, but in the best possible way. Gets things done Also phenomenally smart.

[Mid]

Energy Minister is another one who stands out. He is a bit of a pr!ck, but in the best possible way. Gets things done Also phenomenally smart

appreciate your input ,

is this the same guy who wants nuclear ?

[samran]

Energy Minister is another one who stands out. He is a bit of a pr!ck, but in the best possible way. Gets things done Also phenomenally smart

appreciate your input ,

is this the same guy who wants nuclear ?

one in the same. People who know him well tell me there is very little he doesn't know about the industry - so his comments are probably meant to start a debate in reality. Or restarting it. It'll take a good decade or two for it to come to fruition, if at all.....

[Mid]

taking this off topic for a tick ,

your confidence in time killing the idea , maybe misplaced ,

note that the hydro agreement with Burma is now a non-starter .

apologies all , back to the regular <deleted> fight

[samran]

taking this off topic for a tick ,

your confidence in time killing the idea , maybe misplaced ,

note that the hydro agreement with Burma is now a non-starter .

apologies all , back to the regular <deleted> fight

perhaps, just that I've seen the debate a couple of times over the past couple of years. Each time to fizzle out. I also was watching a debate on Ch11 the other night about this. Even if it were to get up, the time frames talked about aren't short.

To be honest, if a debate can be had, then all the better. There is a similar one going on in Australia as we speak, which I'm kinda following at the moment too.

Don't worry. It is all on topic. Sommai was a former board member of EGAT as well. See - you never were off topic really.

[ilyushin]

TMB 1Q07 Results TMB1Q07

Do a search for other TMB banking news. Shocking!

[Mid]

TMB 1Q07 Results TMB1Q07

Do a search for other TMB banking news. Shocking!

most are aware that these results are comming .................

here's the cliff notes ,

Thai bank shares have dropped 5.5 percent so far in 2007, in line with the main Thai stock index , after falling 4.3 percent last year. ($1=36.05 Baht)

[Losangels]

Taksin's son Pantong used to own around 5-7 percent of TMB.

Wonder who he sold it to

[steveromagnino]

TMB has fiscal problems. I would not hold an account there.

but they rebranded and now have some odd dots over their TMB logo.

So I think you are probably ok

Everything that the Shinawatras touched is turning to poo; I wonder how much they pilfered on the way through.....ah well it will all come out soon enough.

As for the energy minister; Samran hook me up; I am ex-energy deregulation expert. :-)

Therefore, I can tell him some things he doesn't know.

e.g. did you know that i make good coffee? I bet he doesn't know that.

[Mid]

Ministers clash over TMB Bank

Thu, June 21, 2007 : Last updated 19:25 pm (Thai local time)

Chalongphob orders Sommai to 'step back' in his criticism of management

The Finance Minister stepped in yesterday after Sommai repeated his insistence that TMB Bank's management team must step down prior to the bank's proposed Bt35-billion capital increase, because its shareholders have lost faith in their performance. Sommai indicated new funds would not be injected into the bank - whose major shareholders include the Finance Ministry and DBS Bank of Singapore - unless its management team, led by Subhak Siwaraksa, resigned.

Chalongphob, who declined to either accept or deny any of Sommai's statements, said he called on the deputy finance minister to step back to reduce obstacles to the recapitalisation.

Wichit Chaitrong,

Somruedi Banchongduang

The Nation

Edited June 21, 2007 by Mid

[samran]

TMB has fiscal problems. I would not hold an account there.

but they rebranded and now have some odd dots over their TMB logo.

So I think you are probably ok

Everything that the Shinawatras touched is turning to poo; I wonder how much they pilfered on the way through.....ah well it will all come out soon enough.

As for the energy minister; Samran hook me up; I am ex-energy deregulation expert. :-)

Therefore, I can tell him some things he doesn't know.

e.g. did you know that i make good coffee? I bet he doesn't know that.

Don't know him steve, but I have good friends who know him well. He knows all about de-regulation though, cause my friends are energy de-regulation experts: Keep the transmission, flog the rest off. There..done!

He actually got sidelined by Thaksin the last adminstration...like many other competent people....so he pissed off to take over Kasikorn Funds management if I recall. Made a mint, and then came back after the coup to seek his revenge on the people who did him over...as well as implement decent energy policy.

[Mid]

Thai TMB Bank Says Rights Issue Delayed to Aug

Thu Jul 5, 2007 8:02 AM BST

BANGKOK (Reuters) - TMB Bank , Thailand's fifth largest by assets, said on Thursday its $1 billion rights issue would be delayed until August pending talks with Singapore's DBS Bank .

More time was needed to negotiate DBS Bank raising its holding in the Thai bank from 16.1 percent, chairman Somchainuk Engtrakul told reporters.

[Mid]

UPDATE: Two Financial Companies Eye Stake In Thai TMB Bank

July 19, 2007: 04:10 AM EST

BANGKOK -(Dow Jones)- TMB Bank PCL (TMB.TH), Thailand's fifth-largest bank by assets, is being wooed by two financial companies who want to take a stake in the bank via its upcoming fund raising, one the bank's board members said Thursday.

"Two financial companies have expressed interests to become our strategic partner and would like to conduct due diligence," Somchai Sujjapongse told Dow Jones Newswires, but declined to identify the companies.

The Thai language Kaohoon newspaper, quoting unnamed sources that included an official at the Ministry of Finance, reported Thursday that ING Group and Morgan Stanley have submitted requests to acquire a stake in TMB through its fund raising. The finance ministry owns 31.1% of the bank.

"I can't reveal the name of those companies. What appeared in the paper isn't 100% accurate," Somchai said.

money.cnn.com

[samran]

they want access to the banking license mid.

They are like gold, and if one comes available, they'll go for it.

[Mid]

cheers mate ,

would you like to be a fly on the wall when would like to conduct due diligence ?

[samran]

cheers mate ,

would you like to be a fly on the wall when would like to conduct due diligence ?

the bank could be a steaming pile of rubble as far as the foreign banks are concerned.

It is the retail license which they'll pay through the teeth for.

[Mid]

BANGKOK, July 20 (Reuters) - TMB Bank (TMB.BK: Quote, Profile, Research), Thailand's fifth-largest bank, said on Friday it made a second-quarter net loss due to huge loan-loss provisions, clouding prospects already darkened by a delay in recapitalisation.

The announcement sent shares in TMB, of which Singapore's DBS Bank (DBSM.SI: Quote, Profile, Research) owns 16.1 percent, down 1.8 percent to 2.2 baht, near a three-week low, in early trade.

reuters.com

maybe a few less teeth ?

[samran]

BANGKOK, July 20 (Reuters) - TMB Bank (TMB.BK: Quote, Profile, Research), Thailand's fifth-largest bank, said on Friday it made a second-quarter net loss due to huge loan-loss provisions, clouding prospects already darkened by a delay in recapitalisation.

The announcement sent shares in TMB, of which Singapore's DBS Bank (DBSM.SI: Quote, Profile, Research) owns 16.1 percent, down 1.8 percent to 2.2 baht, near a three-week low, in early trade.

reuters.com

maybe a few less teeth ?

not really. In and of itself, you may have a point. I think though that if you beleive in foreign competiton, then TMB's woes makes it a good target for a suitor. Might be smart money to buy a few TMB shares? TMB have an active relationship with DBS, as well as Macquarie Bank (though more limited with the latter). It seems the current board recalitrance and the idoiocy of their unions/staff representatives is opening TMB up to their worst nightmare.

The only reason I know this is that I interviewed once with a bank and the bloke gave me all the gory details of who owns what bank licenses and how people want to get their hands on them.

[Old Man River]

they are also worried that Sommai might actually try to reform TMB as minister, using powers he never had when he was a senior exec at TMB. Sommai was they guy responsible for actually sacking the Revenue Dept officials who OKéd Thaksins non payment of tax last year. Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

While you may know the guy and he may be a good guy, one still has to wonder why wasn't he this vocal about the bank when he was on their board? These are not problems that just happened, they have been in the making for several years.

[samran]

they are also worried that Sommai might actually try to reform TMB as minister, using powers he never had when he was a senior exec at TMB. Sommai was they guy responsible for actually sacking the Revenue Dept officials who OKéd Thaksins non payment of tax last year. Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

While you may know the guy and he may be a good guy, one still has to wonder why wasn't he this vocal about the bank when he was on their board? These are not problems that just happened, they have been in the making for several years.

I've been in a few meetings with the bloke many years ago and I know is reputation. And I hear things, sometimes. The thing I hear often is that he chooses his fights carefully.

Anyway, to answer your question, one word: Politics.

He would have been on the board after he retired from the MOF, but his discretion is limited as he would have been one of many board members. The MOF is the key shareholder. Now he is back at the MOF as a minister, he is better placed to call the shots.

[Old Man River]

they are also worried that Sommai might actually try to reform TMB as minister, using powers he never had when he was a senior exec at TMB. Sommai was they guy responsible for actually sacking the Revenue Dept officials who OKéd Thaksins non payment of tax last year. Around the traps he is know as a straight shooter....which probably scares the bejeesus out of the TMB folk.

While you may know the guy and he may be a good guy, one still has to wonder why wasn't he this vocal about the bank when he was on their board? These are not problems that just happened, they have been in the making for several years.

I've been in a few meetings with the bloke many years ago and I know is reputation. And I hear things, sometimes. The thing I hear often is that he chooses his fights carefully.

Anyway, to answer your question, one word: Politics.

He would have been on the board after he retired from the MOF, but his discretion is limited as he would have been one of many board members. The MOF is the key shareholder. Now he is back at the MOF as a minister, he is better placed to call the shots.

I understand what you are saying, but can't agree with it. If he picks his fights carefully, then he has waited way too long to pick this fight. Most probably he agreed with their policies then or was persuaded by those he respected. Now he is speaking up publicly which could cause a run on the bank. Hence, the FM's comments asking him to back off.

[bkk_mike]

UPDATE: Two Financial Companies Eye Stake In Thai TMB Bank

July 19, 2007: 04:10 AM EST

BANGKOK -(Dow Jones)- TMB Bank PCL (TMB.TH), Thailand's fifth-largest bank by assets, is being wooed by two financial companies who want to take a stake in the bank via its upcoming fund raising, one the bank's board members said Thursday.

"Two financial companies have expressed interests to become our strategic partner and would like to conduct due diligence," Somchai Sujjapongse told Dow Jones Newswires, but declined to identify the companies.

The Thai language Kaohoon newspaper, quoting unnamed sources that included an official at the Ministry of Finance, reported Thursday that ING Group and Morgan Stanley have submitted requests to acquire a stake in TMB through its fund raising. The finance ministry owns 31.1% of the bank.

"I can't reveal the name of those companies. What appeared in the paper isn't 100% accurate," Somchai said.

money.cnn.com

ING - maybe

Morgan Stanley - what would they want with a retail bank? - Maybe if it's a quick resale to someone else?

I'd be far more inclined to believe any of JPMorgan Chase / Citibank / HSBC / DBS itself - as more likely purchasers if the Finance Ministry is looking to offload a badly run bank onto foreigners.

(Standard Chartered already has Standard Chartered Nakornthon, so I wouldn't expect them to be interested)

(ABN Amro and Barclays are in merger talks, so are probably not looking unless the price is right).

Maybe some wild cards - Bank of China / MacQuarie / Bank of America (although again, MacQuarie would probably be on the fix up for a quick resale

[Mid]

DBS's Second-Quarter Profit Falls to S$560 Million (Update2)

By Jean Chua

July 27 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia's biggest bank, said second-quarter profit fell 7 percent after a charge for its investment in Thailand's TMB Bank Pcl outweighed growth in net interest income.

bloomberg.com

ouch ...........

[samran]

UPDATE: Two Financial Companies Eye Stake In Thai TMB Bank

July 19, 2007: 04:10 AM EST

BANGKOK -(Dow Jones)- TMB Bank PCL (TMB.TH), Thailand's fifth-largest bank by assets, is being wooed by two financial companies who want to take a stake in the bank via its upcoming fund raising, one the bank's board members said Thursday.

"Two financial companies have expressed interests to become our strategic partner and would like to conduct due diligence," Somchai Sujjapongse told Dow Jones Newswires, but declined to identify the companies.

The Thai language Kaohoon newspaper, quoting unnamed sources that included an official at the Ministry of Finance, reported Thursday that ING Group and Morgan Stanley have submitted requests to acquire a stake in TMB through its fund raising. The finance ministry owns 31.1% of the bank.

"I can't reveal the name of those companies. What appeared in the paper isn't 100% accurate," Somchai said.

money.cnn.com

ING - maybe

Morgan Stanley - what would they want with a retail bank? - Maybe if it's a quick resale to someone else?

I'd be far more inclined to believe any of JPMorgan Chase / Citibank / HSBC / DBS itself - as more likely purchasers if the Finance Ministry is looking to offload a badly run bank onto foreigners.

(Standard Chartered already has Standard Chartered Nakornthon, so I wouldn't expect them to be interested)

(ABN Amro and Barclays are in merger talks, so are probably not looking unless the price is right).

Maybe some wild cards - Bank of China / MacQuarie / Bank of America (although again, MacQuarie would probably be on the fix up for a quick resale

Maybe Macbank. Although having a banking retail license isn't core to their business model, owning monoplies or assets with substantial market power is. Given that banking licenses are as rare as hens teeth, then all of a sudden MacBank does make a bit of sense.