Thailand

Fitch Ratings, the international ratings agency, has placed Bank of Asia’s long-term and short-term debt on negative watch following news that ABN Amro, its major shareholder, wants to pull out of the bank.

Finance companies have until mid-year to submit plans on whether they will upgrade to a full-service or retail banking licence or risk being marginalised as a credit company with a sharply restricted scope of operations.

Siam General Factoring Plc is to merge with Global Thai Finance Co through a 100-per-cent share swap in a move that will further reinforce consolidation in the local finance industry.

JCM Engineering Concept Co, a factory construction company, has set up an arrangement with banks to finance the building of factories for small- and medium-sized companies (SMEs).

The Small and Medium Enterprise Development Bank of Thailand (SME Bank) has entered into a major organisational restructuring process after corrupt practices at provincial branches were discovered.

The Siam Cement Group has expressed interest in a government initiative to establish trading companies to help promote small- and medium-sized enterprises (SMEs) in external markets, according to Kan Trakulhoon, the group's vice-president overseei

The Small and Medium Enterprise Development Bank of Thailand (SME Bank) predicts its credit line will jump 28.5% to 36 billion baht this year from 28 billion baht last year.

State-owned Siam City Bank (SCIB) will become a full service bank within the next three years, adding subsidiaries during that period, and an asset-management company this year, its president said yesterday.

Kasikornbank has joined with the Export Promotion Department to offer financial support to entrepreneurs under the One Tambon, One Product (Otop) programme.

A delegation of Thai small businesses will visit South Korea early next year to explore export opportunities, according to Vivat Vinicchayakul, director-general of the Small and Medium Enterprises Promotion Office.