Mr. Li Xiaopeng, Director of Industrial and Commercial Bank of China Limited (ICBC), announced that ICBC has signed a Reciprocal Funding Line Agreement with Bangkok Bank Public Company Limited for a credit facility of RMB 1.6 billion or approximately 8 billion baht in order to increase the liquidity of both parties’ overseas affiliates i.e. ICBC (Thai) and Bangkok Bank (China) which operate in Thailand and People’s Republic of China respectively.
Mr. Chartsiri Sophonpanich, President of Bangkok Bank Public Company Limited, revealed that such financial cooperation would bring about low finance cost and enhances the ability of both banks to serve investor clients. “ICBC is ready to provide support to Bangkok Bank (China) while we reciprocate in the same fashion for ICBC (Thai), including more cooperation to enhance our competitive advantage and growth in the future.
“ICBC acquired 97.24% shares of ICBC (Thai) Public Company Limited in 2010 with an aim for ICBC (Thai) to serve as a bridge for Thai - Chinese businesses and to become the Southeast Asian hub for expansion of its business in Thailand and Southeast Asia. In addition, ICBC (Thai) will offer its RMB expertise to enable its customers to manage foreign exchange risks for the best yields. This can facilitate as well as expedite growth of trade and commerce between the two countries. Furthermore, ICBC is looking forward to more collaboration with Bangkok Bank in the future,” added Mr. Li.
“On December 28, 2009, Bangkok Bank (China) was successfully established and has served as a local bank since. It’s a major milestone which would benefit customers doing business in China, as well as providing new opportunities for future expansion and a logical extension of this strategy of growing with our customers. While Bangkok Bank’s focus in China will continue to be corporate lending and trade services — including trade finance, treasury services, currency exchange and global payments — having a local bank license means the new bank will be able to accept deposits in RMB from companies and foreign individuals which will provide more funds for lending to customers.” concluded Mr. Chartsiri.
For more information, please contact:
Bangkok Bank Public Company Limited, Public Relations Department, Tel. 0-2353-5350
ICBC (Thai) Public Company Limited, Branding and Communications, Tel.0-2633-9464