Move reaffirms its confidence in Thailand.
Bank of China, one of China’s Big Four state-owned banks, has submitted an application to the Bank of Thailand for a license to upgrade its Bangkok branch to a subsidiary. It hopes to receive a subsidiary license next year.
The upgrade will help the bank achieve its goal of having 20 branches in Thailand from the existing three. BOC officials said the bank wants to expand its Thai business despite the slowdown in Thailand’s economy.
Bank of China is pushing its mortgage business to strengthen its retail banking in Thailand. Two days ago, it officially launched a mortgage scheme for buyers of new homes. The bank projects issuing home loans of US$157 million within three years.
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