Citibank looks to local licence

“We are really looking forward to it. We’ll wait to see what the rules are,” said Narasimhan Rajashekaran, the country business manager at Citibank in Thailand.
The plan would follow the central bank’s recently announced Financial Master Plan 2; however, such details as capital requirement have not been announced yet.
“We believe this country has good prospects,” said Rajashe-karan, who assumed his position in July.
If the BOT provides a local banking licence, Citibank will open 17 more branches in the country, said Pavin Rodloytuk, its retail banking director.
“Now, we are a branch of [Citibank] New York. If we can be a [locally licensed] bank in Thailand, it’s a clear intention that we will definitely settle down in Thailand,” Pavin said.
Citibank has already expanded its presence within the bounds permitted by the BOT, with two more branch licences given early this year.
Citibank yesterday inaugurated its second branch in Bangkok’s Silom area, with a plan to open the third branch at CentralWorld Complex in the Ratchaprasong area in late November.
“Opening this new branch is a strategic move to expand Citigroup’s operations in Thai-land, especially retail banking,” Rajashekaran said.
The bank, the country’s leader in credit cards and ready credit, will use the Silom branch to expand its client base and banking services, particularly payment channels, Pavin said.
Through the new branch, the bank expects to post double-digit growth in its customer base for wealth management under the Citigold brand, he said.
Currently, the bank’s operations include deposits, loans and investment services.
Recently, it began offering mortgages, targeting medium-to-high-income earners looking to purchase residential units priced between Bt2 million and Bt4 million.