Is Abhisit Going To Sell A Thai Bank To China ?

[Pierrot]

China's largest commercial bank, Industrial and Commerce Bank of China (ICBC), has asked Prime Minister Abhisit Vejjajiva to consider lifting the foreign shareholding ceiling in Thai banks.

ICBC chairman Jiang Jianqing made the proposal at their meeting in Beijing on Friday, said Prime Minister's Office Minister Virachai Virameteekul.

Virachai said ICBC was keen to take more than 49 per cent of Thailand's ACL Bank but Thai law caps foreign shareholding in Thai businesses at 49 per cent.

ICBC also asked the premier to consider raising to 50 per cent the current 25-per-cent limit on foreign directors on any board.

ICBC has expressed interest in such a deal for years, but it has delayed in expectation of a revision of the foreign share-ownership level in a bid to seek control of management.

Abhisit said he would ask the Finance Ministry to consider the request, which he said would depend on whether the entry of ICBC would increase competition within Thailand's banking sector, which would narrow the spread of the interest rate.

The other issue the finance ministry will consider is whether the entry of ICBC would make financial services in Thailand more widely accessible to Thais.

"The Thai PM said the central bank and Finance Ministry had known of the proposal for several years and would consider it positively way," Virachai said.

http://www.nationmultimedia.com/2009/06/28...ss_30106215.php

[emancipationthailand]

For the Democratic Party to pull this stunt, i would not be surprise.

ANYONE HERE KNOWN THE FIDF'S CASE, where the Democratic Party intended to mishandling Thailand's finacially rehabilitation and what was the loss to Thailand? I'm sure will be surprise if anyone here know what's i'm talking about.

[rinpoche]

China's largest commercial bank, Industrial and Commerce Bank of China (ICBC), has asked Prime Minister Abhisit Vejjajiva to consider lifting the foreign shareholding ceiling in Thai banks.

ICBC chairman Jiang Jianqing made the proposal at their meeting in Beijing on Friday, said Prime Minister's Office Minister Virachai Virameteekul.

Virachai said ICBC was keen to take more than 49 per cent of Thailand's ACL Bank but Thai law caps foreign shareholding in Thai businesses at 49 per cent.

ICBC also asked the premier to consider raising to 50 per cent the current 25-per-cent limit on foreign directors on any board.

ICBC has expressed interest in such a deal for years, but it has delayed in expectation of a revision of the foreign share-ownership level in a bid to seek control of management.

Abhisit said he would ask the Finance Ministry to consider the request, which he said would depend on whether the entry of ICBC would increase competition within Thailand's banking sector, which would narrow the spread of the interest rate.

The other issue the finance ministry will consider is whether the entry of ICBC would make financial services in Thailand more widely accessible to Thais.

"The Thai PM said the central bank and Finance Ministry had known of the proposal for several years and would consider it positively way," Virachai said.

http://www.nationmultimedia.com/2009/06/28...ss_30106215.php

Looks like it and if the leeches in Thailand are desperate enough, it may just get approved. It doesn't matter if the sale of Shincorp was more bona fide and required fewer policy changes. Times are different. Power has shifted. The guys at the top only have their eyes on the money while the fervent nationalists on the streets are just pawns.

[JimmyTheMook]

The guys at the top only have their eyes on the money while the fervent nationalists on the streets are just pawns.

I saw a few monkeys mixed in with them....