ANZ seeks full-branch operations in Thailand
ANZ (Australia and New Zealand Banking Group) will apply for a subsidiary license, in its quest towards full-branch banking operations in Thailand, said Michael Smith, chief executive officer of the group.
Smith, while paying a visit to Prime Minister Yingluck Shinawatra today at the Government House, said that Thailand has possessed economic potentials. According to the government's website, after expressing condolences to flood losses, Smith admired Thailand's quick recovery from the flood disaster, thanks to the strong economic fundamentals. ANZ now operates a representative office in Thailand.
Under the Bank of Thailand's financial sector master plan, the licensing for subsidiary status will take place in 2014.
Per Smith's request, Yingluck said she would see if the schedule could be moved up as a full-branch opening would benefit both countries and strengthen the Thai banking sector ahead of the Asean Economic Community in 2015. She also reiterated her government's policy to reduce trade and investment obstacles.
