HSBC Thailand seeks licence, raises capital for local business expansion

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In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.

 

The bank’s primary clientele consists of high net worth individuals with a minimum of US$2 million in assets under management, as well as local and international corporations. By 2023, HSBC Thailand aims to achieve significant business growth, in line with the projected GDP growth of both Thailand and the Asean region.

 

Gamba stated that the bank anticipates economic growth in Asean countries to range between 2.1% and 5.8%, while Thailand’s GDP growth is estimated at 4.1%. This growth is expected to be primarily driven by the recovery of the tourism sector and increased domestic demand for private consumption and foreign direct investment.

 

For its wholesale banking business, HSBC Thailand is focusing on local firms looking to expand overseas and international investors interested in the Thai market. The bank provides a comprehensive suite of financial services and solutions for both inbound and outbound investments, supported by its global presence.

 

“As Thailand is a regional hub and HSBC Thailand has long-term experience and business expertise, we are aiming to maintain the No.1 position for inbound international business in the Thai market,” Gamba said. “The bank also plans to expand outbound investment.”

 

By Alex Morgan

Caption: Image via Facebook, Worrapol Pakdeevijitr

 

Full Story: https://thethaiger.com/news/business/hsbc-thailand-seeks-licence-raises-capital-for-local-business-expansion

 

-- © Copyright Thaiger 2023-06-02

 

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