The Industrial Finance Corporation (IFCT) has been given three months to complete a study on ways to transform the special-purpose financial corporation into a commercial bank, according to IFCT president Anothai Techamontrikul.
Options being considered include a merger with another bank, bringing in a strategic partner or transforming IFCT into a bank through internal growth. The Act to transform the corporation into a commercial bank has been endorsed by Parliament.
The IFCT board, chaired by the deputy permanent secretary of the Finance Ministry, Sommai Phasee, has assigned to management the task of making recommendations on how the corporation should be structured in the future.
Mr Anothai said the merger scheme seemed to be the most difficult option as IFCT was under its own special Act of Parliament.
