Tisco Bank Has Acquired Primus Leasing

[thailandlover]

did anyone else get a letter in the mail stating that payments on their Ford autos were now to be made to Tisco Bank instead of Primus? A little research yielded these articles:

THAILAND - TISCO Financial Group PCL agreed to acquire Primus Leasing Co Ltd, a wholesale financing services provider, from Ford Credit International Inc, a unit of Ford Motor Co. The transaction was subject to the approval of the Bank of Thailand. Terms were not disclosed.

http://www.alacrastore.com/storecontent/Th...r_Co-2039243040

Tisco seeks faster growth after buying Primus assets

By: SOMRUEDI BANCHONGDUANG

Published: 22/12/2008 at 12:00 AM

Newspaper section: Business

Tisco Bank aims to post double-digit growth in its auto loan portfolio in 2009 following the acquisition of 8.5 billion baht worth of leasing assets from Primus Leasing. Oranuch Apisaksirikul, the chief financial officer of Tisco Bank, said the acquisition should result in 9-10% growth for the bank's loan portfolio next year.

''The acquisition represents a business opportunity for the bank even with the economic gloom,'' she said. ''Car sales are expected to fall significantly in 2009 with the weak economy, and it will not be easy to expand consumer loans.''

Bangkok Post: http://www.bangkokpost.com/business/retail...g-primus-assets