BBL adds to world network

The move gives the bank a second branch in the Asean country.

The international branch expansion is set to solidify its leading role in the economic development of Thailand and Asean, and also enhance its competitiveness, the bank said yesterday.

The Surabaya sub-branch will strengthen the bank’s capacity to serve the needs of business customers, connecting them with trade and investment opportunities in Asia, said Bangkok Bank president Chartsiri Sophonpanich.

The bank has received permission from the Bank of Indonesia to open a sub-branch in Indonesia’s second-largest city, which is the capital of East Java province. The first Indonesian branch was established in Jakarta in 1968.

Both branches will be overseen by the general manager in Indonesia, Chalit Tayjasanant.

Surabaya is one of Indonesia’s major developing cities. This is a good opportunity for Bangkok Bank to expand its network to serve both Thai and foreign business customers with a complete range of financial services, especially in the area of international transactions and loans for investment, said Chartsiri.

"Our experience and knowledge accumulated over many decades and passed from generation to generation is a major strength that helps us to be able to respond to business customers who are seeking investment opportunities," he said.

"We can also provide advice about each local market where the bank has an international branch, such as how to set up operations, the local taxation regime, the business environment and business trends, as well as the macroeconomy and local industries."

In its role as a leading regional organisation, Bangkok Bank contributes to both Thailand’s and Asean’s economic development, and connects local business entrepreneurs with business partners from major economies, including China, Japan, the United States and the United Kingdom, he added.

With the Asean Economic Community due to be fully implemented in 2015, there will be a major shift in the regional business environment. Both large and small companies in Thailand are preparing for the expanded market, which will bring big opportunities and increased competition, said the bank’s chief.

strategic adjustment

Many businesses are starting to adjust their business strategies. Some are improving their competitiveness and considering investing abroad to diversify their production base, export to neighbouring countries or set up an operation for marketing and sales in Asean.

Foreign investors have also been preparing for a stronger, more integrated region by increasing the level of foreign direct investment in Asean.

These are significant developments for Bangkok Bank, he said, adding that the bank has recognised the importance of international banking for many years and has a strong foundation in this area, so it is now well placed to support its customers through its international network.

Bangkok Bank is Thailand’s only commercial bank with such an extensive international network, spanning 26 locations in 13 countries.

The network comprises two local banks in China and Malaysia, and branches in Japan, Hong Kong, Taiwan, Singapore, Indonesia, the Philippines, Vietnam and Laos, as well as in the financial centres of New York and London.

It also has a representative office in Burma.