Foreign banks can apply for licence

The Bank of Thailand will issue five licences to foreign banks who are seeking to set up subsidiaries in Thailand.

The move would allow them to open up to 20 branches and 20 off-premise ATMs.

Applications will accepted from Tuesday until the end of this year. The application review process is expected to be completed by mid-2014.

The newly incorporated subsidiaries must have a minimum paid-up capital of Bt20 billion. The move aims to enhance competition and financial access, thereby improving efficiency of the Thai financial system and supporting international trade and investment, particularly from regional liberalisation.

The permission is in accordance with the Financial Sector Master Plan's Phase II (2010- 2014), which aims to improve efficiency of the financial system and support regional activities.

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Article source: http://www.thethailandlinks.com/2013/06/29/foreign-banks-can-apply-for-licence/