Foreign Banks

[N47HAN]

Cnbc reporting Thailand set to allow more foreign banks and branches be allowed to open nationwide.

Anybody more info on what banks exactly ? ( info on uk based banks would be helpful )

[Carmine6]

Cnbc reporting Thailand set to allow more foreign banks and branches be allowed to open nationwide.

Anybody more info on what banks exactly ? ( info on uk based banks would be helpful )

When did they say this? HSBC has 1 branch. Citibank (US) has 1 branch. If they could add more branches it would be nice, although Citibank charges so many fees they'd find a way to be worse than domestic banks.

Edit, someone's done the homework:

Click Foreign banks link for addresses: List of foreign banks

ABN-AMRO

BNP Paribas

Calyon Corporate and Investment Bank (formerly Credit Agricole Indosuez)

Citibank Thailand

Deutsche Bank

Indian Overseas Bank

JP Morgan Chase Bank

Mizuho Corporate Bank

Oversea Chinese Banking Corp.

RHB Bank Berhad

Societe General

The Bank of America

The Bank of China

The Bank of Nova Scotia

The Bank of Tokyo-Mitsubishi

The HongKong and Shanghai Banking Company Limited HSBC

The Sumitomo Mitsui Bank

American Express Bank (representative office)

Australia & New Zealand Banking Group

Bank of Baroda (representative office)

Bank of New York (representative office)

Cathay United Bank (representative office)

ChinaTrust Commercial Bank Ltd (representative office)

Commerzbank Aktiengesellschaft (representative office)

Credit Industriel et Commerciel (CIC) (representative office)

Credit Suisse (representative office)

DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) (representative office)

First Commercial Bank (representative office)

ICICI Bank Ltd (representative office)

ING Bank NV (representative office)

Japan Bank for International Cooperation (JBIC) (representative office)

Merrill Lynch International Bank Ltd (representative office)

Natixis (representative office)

Resona Bank Ltd (representative office)

The Sumitomo Trust & Banking Company Ltd (representative office)

UBS AG (representative office)

Wachovia Bank NA (representative office)

The World Bank Thailand

Edited July 13, 2007 by Carmine6

[AmericanGuy1066]

Standard Chartered Bank is a UK Bank. It's subsidiary Standard Chartered Bank (Thai) has branches throughout Thailand wth 30 or so in BKK. There is a branch locator on its website: http://www.standardchartered.co.th/

If you read the about us section it shows a brief history. It is sometimes viewed as a "local bank" but has a UK parent, so you get the bes of both worlds if you want a UK bank with branches in Thailand. It is regulated by Bank of Thailand locally, and has to conform to UK FSA Regulatory standards

Standard Chartered Bank (Thai) Public Company Limited

Demonstrating Standard Chartered Group’s long-term commitment to Thailand, the 111-year old Standard Chartered Bangkok branch was integrated into Standard Chartered Nakornthon Bank in October 2005. The combined entity was renamed Standard Chartered Bank (Thai) PCL.

Standard Chartered Bank (Thai) PCL serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

The Bank is trusted for its standard of governance and corporate responsibility as well as its commitment to making a difference in the communities in Thailand.

</FONT>

[samran]

No secret that foriegn banks have been snapping up retail banking licenses if they become available, or going into JV's with local banks.

GE bank and Bank of Authaya come to mind.

[Losangels]

IMO the sooner the country open up the financial sector to foreign competition the better service and higher banking standards will occur. Of course Thai banks oppose this because they will have to lift standards in order to survive

[trajan]

Cnbc reporting Thailand set to allow more foreign banks and branches be allowed to open nationwide.

Anybody more info on what banks exactly ? ( info on uk based banks would be helpful )

I think in your case you should probably look at Standard Chartered Bank Thai which is a subsidiary bank of Standard Chartered Bank (and possibly HSBC Thailand with one branch office on Rama IV Road)

according to the Bank of Thailand BOT , in Thailand there are currently:

12 local commercial banks

ACL Bank

Bangkok Bank

Bank of Ayudhya

Bank Thai

Kasikorn Bank

Kiatnakin Bank

Krung Thai Bank

Siam City Bank

Siam Comm Bank

Thanachart Bank

Tisco Bank

TMB Bank

3 local retail banks

AIG Retail Bank

L & H Retail Bank

Thai Credit Retail Bank

3 local banks which are subsidiaries of foreign banks

Standard Chartered Bank (Thai)

United Overseas Bank (Thai)

Mega International Commercial Bank (Thai)

All of the foregoing banks usually have numerous branches around Thailand.

However, branch offices of foreign banks only have one office in central Bangkok:

17 branch offices of foreign banks (each with 1 office in Bangkok)

(European)

ABN-AMRO Bank

BNP Paribas

Calyon

Societe General

Deutsche Bank

The Hongkong and Shanghai Banking Corporation

(Asian)

The Bank of China

Indian Overseas Bank

Oversea Chinese Banking Corp.

RHB Bank Berhad

The Bank of Tokyo-Mitsubishi UFJ

Sumitomo Mitsui Banking Corp.

Mizuho Corporate Bank

(North American)

Citibank

JPMorgan Chase Bank

The Bank of America

The Bank of Nova Scotia

The second phase of the financial master plan is to expand the list of foreign banks in Thailand, but that's a few years down the road:

According to the Bangkok Post this morning:

Foreign banks can expand in five years

PARISTA YUTHAMANOP

The Bank of Thailand will allow foreign banks to open branches over the next five years under the second phase of its financial master plan, according to Paiboon Kittisrikangwan, senior director for the central bank's Financial Institutions Strategy department. The drafting of the second phase is expected to be complete by the first quarter of 2008. The central bank will hold hearings for financial institutions before the plan takes effect.

The first phase was implemented between 2003 to 2006, and focused largely on consolidation of finance companies.

Mr Paiboon said the second phase would spell out timeframes for branch openings by foreign banks as part of an overall strategy to liberalise the system.

Foreign banks would be permitted to gradually open branches to minimise the impact on local banks, he said. The number and timing has yet to be finalised.

The second phase of the plan would also allow for the establishment of new types of financial institutions and the opening of new banks.

Local banks will also be allowed to offer more types of financial products as part of their efforts to upgrade to full universal banking services.

''The second phase will aim to increase both number and types of players in the banking system. We will not hesitate to approve new types of financial institutions that may exist elsewhere such as mortgage insurance institutions and other types of non-bank institutions,'' Mr Paiboon said.

He said the master plan would also include a clear framework for closing unviable financial institutions.

The enactment of the Deposit Insurance Act and Financial Institutions Act would be critical for the operation under the next masterplan, he noted.

Both draft bills are currently under consideration by the National Legislative Assembly.

Mr Paiboon said one objective of the second phase was to reduce operating costs in the banking system and accelerate liberalisation to help improve the sector's competitiveness.

''In any case, the central bank will take into account whether liberalisation adds value to the banking system,'' he added.

Mr Paiboon said the plan would also look to improve infrastructure such as the legal framework, database system, risk management system, training and consumer protection.

He said the central bank had established a steering committee that would hold the first meeting on July 23 to oversee the drafting of the master plan's second phase.

Edited July 13, 2007 by trajan

[N47HAN]

thanks for the info

[bkk_mike]

When did they say this? HSBC has 1 branch. Citibank (US) has 1 branch. If they could add more branches it would be nice, although Citibank charges so many fees they'd find a way to be worse than domestic banks.

Coming from the UK, I really don't want them coming here.

UK daily atm withdrawal limit - 300 pounds (or 20,000 baht approx) - Thai banks 50,000 baht

If I pay in money in Thailand at any bank branch, the transfer is immediate. I did a transfer on Tuesday from one UK bank account to another (same bank - cleared funds transferred using their own website - it left the original account on Wednesday, and only arrived in the other account on Friday).

Add in that they charge a far larger spread on FX rates, charge more for using the debit card abroad than Thai banks, and their charges if, god forbid, you go overdrawn are usury. (and probably illegal).

PLEASE - don't let the UK banks come here...

[Carmine6]

When did they say this? HSBC has 1 branch. Citibank (US) has 1 branch. If they could add more branches it would be nice, although Citibank charges so many fees they'd find a way to be worse than domestic banks.

Coming from the UK, I really don't want them coming here.

UK daily atm withdrawal limit - 300 pounds (or 20,000 baht approx) - Thai banks 50,000 baht

If I pay in money in Thailand at any bank branch, the transfer is immediate. I did a transfer on Tuesday from one UK bank account to another (same bank - cleared funds transferred using their own website - it left the original account on Wednesday, and only arrived in the other account on Friday).

Add in that they charge a far larger spread on FX rates, charge more for using the debit card abroad than Thai banks, and their charges if, god forbid, you go overdrawn are usury. (and probably illegal).

PLEASE - don't let the UK banks come here...

Farang: Hi, I'd like to open an account.

Bank: Do you have a work permit?

Farang: No, I don't.

Bank: Can not open an account for you here. Please try the UK based bank down the road.

Farang:

[bkk_mike]

When did they say this? HSBC has 1 branch. Citibank (US) has 1 branch. If they could add more branches it would be nice, although Citibank charges so many fees they'd find a way to be worse than domestic banks.

Coming from the UK, I really don't want them coming here.

UK daily atm withdrawal limit - 300 pounds (or 20,000 baht approx) - Thai banks 50,000 baht

If I pay in money in Thailand at any bank branch, the transfer is immediate. I did a transfer on Tuesday from one UK bank account to another (same bank - cleared funds transferred using their own website - it left the original account on Wednesday, and only arrived in the other account on Friday).

Add in that they charge a far larger spread on FX rates, charge more for using the debit card abroad than Thai banks, and their charges if, god forbid, you go overdrawn are usury. (and probably illegal).

PLEASE - don't let the UK banks come here...

Farang: Hi, I'd like to open an account.

Bank: Do you have a work permit?

Farang: No, I don't.

Bank: Can not open an account for you here. Please try the UK based bank down the road.

Farang:

I have no work permit as my job's in London and I opened an account at Bangkok Bank with no issues, although I'll admit it was at the branch my wife uses.

Siam Commercial Bank have also offered to let me open an account with them when I did a cash advance on my credit card to pay the children's school fees (the school uses SCB, not BB), and the 20K daily ATM withdrawal limit means it's a real pain to pay a bill for over 250,000 baht. (And I explained to them that I didn't have a work permit, and they said it wasn't that big an issue).

Once the staff start to recognise you, and they realise you have an OK amount of money, it becomes a lot easier.

And before you think I was paying silly money for the cash advance, it's a Nationwide credit card so it's actually cheaper than doing a bank transfer until I get beyond about 1,000 pounds as they don't apply a spread.

And at the time, a bank transfer wasn't an option as my UK bank wouldn't let me do a foreign transfer over the phone.