Bangkok Bank (China) and PTT Polymer Marketing expand ‘International Supply Chain Financing’ service to China

Wednesday 29 September 2010 10:26
Bangkok Bank (China) signed an MOU with PTT Polymer Marketing (PTTPM) in a collaboration to provide an ‘International Supply Chain Financing’ service to PTTPM’s dealers in China. The service provides Chinese dealers with financial support and better business processes, which will help to raise sales for PTTPM. With more than 20 years experience in China, Bangkok Bank’s Chinese branch network and local knowledge will help PTTPM reach its goal of being an international polymer trading house, with annual sales of Baht 100 billion by 2015.

Bangkok Bank (China) President Suwatchai Songwanich said the International Supply Chain Financing collaboration between Bangkok Bank (China) and PTTPM, will provide Chinese dealers with financial support and better business processes such as improved access to liquidity and cash flow, reduced product delivery time and lower fee costs, as no Letter of Credit is required. Customers and dealers can choose to deal in multiple currencies, including the USD, Euro, THB or the local renminbi.

Bangkok Bank in the only Thai commercial bank with a significant presence in China and has been in China for more than 20 years. Bangkok Bank (China), a locally incorporated bank is 100% owned by Bangkok Bank and commenced business in December 2009 with registered capital of RMB 4 billion (Baht 20 billion). Bangkok Bank (China) has a head office in Shanghai and branches in Beijing, Xiamen, Shanghai and Shenzhen. Bangkok Bank (China) has real depth of experience in the local area and a strong understanding of Chinese business and culture, as well as strong international trade support from Bangkok Bank’s specialist team. The bank plans to open new branches to cover important trade areas in the East, West and Middle of China in the near future.

Bangkok Bank Executive Vice President Kenneth See said the International Supply Chain Financing agreement was an important step forward for Bangkok Bank and PTTPM, which intend to mutually expand its financial and business support to PTTPM customers and dealers in Asia after their success in expanding the service to PTTPM’s dealers in Laos and Vietnam.

Commenting on the agreement, PTTPM Managing Director Pramin Phantawesak said the company aims to increase annual sales to Baht 100 billion and to be an international polymer trading house by 2015, by expanding its business to countries in Asia. PTTPM has established Polymer Marketing DMCC in Dubai, United Arab Emirates and representative offices in Vietnam and China. PTTPM sees Bangkok Bank as a great partner that not only has a strong branch network in Asia and important global financial centres, but is also able to greatly enhance PTTPM and its dealers’ business potential. The highly efficient International Supply Chain Financing service, which PTTPM and Bangkok Bank have co-developed, will help PTTPM achieve its business goal.