State bank council established
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A council of state-owned financial institutions was established, to spur cooperation among 9 institutions.
Woravit Chailimpamontri, President and CEO of Government Savings Bank, as the first chairman of the council, said that the ultimate goal of this establishment is to help lower the operating cost for small-sized financial institutions.
"The establishment is based on the objective to create concrete cooperation among the state-owned financial institutions, like in the IT development, cash transport service and central secretary office for remote branches. These will help lower the operating cost for small-sized banks," he said.
He also explained that the council has no objective to alleviate state-owned banks' competitiveness against private banks.
Banks under the council include Krungthai Bank, Government Savings Bank, Bank for Agriculture and Agricultural Cooperatives, Islamic Bank of Thailand, Government Housing Bank, Export-Import Bank of Thailand and Small and Medium Enterprise Development Bank of Thailand.
