CFG seeks permit for nano-finance
CFG Services Co, a subsidiary of Bank of Ayudhya that calls itself Srisawad Ngern Tid Lor, has applied for a nano-finance permit to enable grass-roots businesses to have better access to transparent and reliable capital and to extend the financial reach o
Meanwhile, the company will open at least 40 more branches nationwide to expand its client base and cater to the growing demand for credit, in line with the brand’s "fast and easy loans" concept. Motorcyclists are the majority of Ngern Tid Lor’s clients.
Last year, the company saw more than Bt10.56 billion in new loans to more than 170,000 customers and robust portfolio growth of 35 per cent. Thanks to its prudent risk-management policies, the rate of non-performing loans was kept well under 1 per cent, the lowest in the instalment-lending industry, managing director Piyasak Ukritnukun said.
He said the company had also become the country’s most extensive non-life insurance broker, with more than 320 branches nationwide. Under a campaign to boost its insurance business, CFG clients who are approved for motorcycle loans get free personal insurance policies with coverage of up to Bt300,000.
