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.
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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.
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By GlobalDataThailand’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.
