Citibank’s unit in Thailand is to ramp up its
distribution footprint following the Thai government’s move to
relax the country’s restrictive banking regulations.
The government has previously imposed severe
restrictions on the size of foreign lenders branch networks.
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In early January, the government said that
foreign bank will be allowed to open two additional branches.
Citibank’s retail banking director in
Thailand, Pavin Rodloytuk, said that the unit plans to open two
additional branches during the second quarter of this year.
It has already received approval from the
government and is seeking further approval to open another 17
branches by the end of 2012.
Under the proposed 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.
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By GlobalDataHSBC kicked off the New Year with an
announcement that it planned to expand its Thai branch
network.
