HSBC is aiming to boost its retail banking
business in Thailand following the local government’s easing of its
restrictive banking rules.

The Thai government is going to relax rules
under phase II of its Financial Sector Master Plan, allowing
foreign lenders to open up to two additional branches.

Phase II of the banking competition law
will enable HSBC to boost its credit cards and personal loans
business, the core focus of its retail banking business in
Thailand, the bank said.

The head of personal financial services at
HSBC Thailand, Wichit Phayuhanaveechai, told regional media that
the bank aims to double it loan portfolio in the next 12
months.

He added that the bank does not expect to
increase the number of credit card holders, which stands at about
500,000.

Instead, HSBC Thailand will target a 15%
increase in outstanding credit card loans.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thailand’s economy has bounced back from the recession – and
HSBC forecasts GDP to grow by 5.3% in 2011 as domestic consumption
and foreign investments continue to increase.

Under the banking amendments, international
banks can covert their Thai units to a local ‘subsidiary’.

This would allow them to open 20 additional
branches and 20 ATMs across the country.