Briefs

Fitch Ratings (Thailand) has upgraded Industrial and Commercial Bank of China (Thai)’s national long-term rating to “AAA(tha)” from “AA+(tha)”. The outlook is “stable”. At the same time, the agency has affirmed its national short-term rating at “F1+(tha)”.
The upgrade reflects a reassessment of support for ICBCT from its parent Industrial and Commercial Bank of China that is more consistent with the approach taken in rating other foreign-owned subsidiary banks in Thailand. ICBCT's ratings reflect near full ownership by ICBC and Fitch's view of a high probability of timely support from its parent, in case of need.
Any reduction in ICBC's shareholding of or its propensity of support for ICBCT may be negative for ICBCT's national ratings, as are adverse changes to ICBC's international ratings, Fitch said.
ICBCT has leveraged off the parent's strong franchise name and increased operational integration with ICBC. The Thai unit has now aligned its strategy with the parent bank to focus on facilitating bilateral trade between Thailand and China. ICBCT also has strong liquidity support and capital commitment from the parent, which Fitch considers key support drivers for the ratings.

Gap opens in Mega Bangna
Gap has unveiled its new flagship store in Thailand – a 720-square-metre outlet presenting a wide range of Gap’s fashion lines and accessories. The new shop at Mega Bangna will entice shoppers with myriad inventive American-style products and eye-catching displays.
Since 1969, customers have looked to Gap for updated, casual clothing and accessories that help them express their own personal sense of style. Gap continues to be a favoured destination for wardrobe essentials such as T-shirts, trousers and denim, which are ready for the modern casual life.

PropertyGuru link-up
PropertyGuru said yesterday that it had secured a 10-million-Singapore-dollar (Bt247-million) strategic investment from ImmobilienScout24, Europe’s top property portal group and a subsidiary of global company Deutsche Telekom.
The investment will further strengthen PropertyGuru’s leading market position and support the company’s continued innovation focus, developing services to help its clients find and advertise properties, as well as support further expansion within the region, it says. – The Nation