ANZ upgrades its Thai branch to a subsidiary
THE Australia and New Zealand Banking Group (ANZ) has completed the upgrade of its branch office in Thailand to a subsidiary, following Sumitomo Mitsui Trust Bank last July.
Both won subsidiary licences last year as part of the second-phase financial-sector master plan, targeting only foreign banks that already have a presence in Thailand.
They are allowed to open up to 20 branches and 20 automated teller machines.
Both banks saw bright business opportunities thanks to Thailand’s geographic location, which supports its connectivity with the Greater Mekong Subregion and Southeast Asia as a whole.
The Australian bank hailed this as a further milestone in its super-regional strategy. According to a press release yesterday, ANZ Thai will be an important addition to ANZ’s Asia network and its activities in the GMS that already include operations in Vietnam, Cambodia, Myanmar and Laos.
Andrew Geczy, chief executive officer for international and institutional banking, said this was an important milestone for the bank’s super-regional strategy and meant it could now better connect its multinational customers to the growing trade and investment flows across Asia with the GMS.
“Thailand already accounts for almost 65 per cent of Greater Mekong’s GDP and its trade with Asean countries totals around US$97 billion,” or Bt3.3 trillion, he said.
“Along with Thailand’s position as a key manufacturing hub for the region, these growing connections to its Asean neighbours and our home markets of Australia and New Zealand make it an important market for our super-regional franchise.”
Panadda Manoleehakul, former CEO of the bank’s operations in the Philippines, has been appointed CEO of ANZ Thai. Before joining ANZ in 2008, she held senior roles across Asia with HSBC, JPMorgan Chase, Chase Manhattan Bank and Standard Chartered Bank.
“Panadda built a strong, growing franchise for ANZ in the Philippines and has been instrumental in the process to gain our banking licence in Thailand,” Geczy said. “I’m pleased ANZ will continue to benefit from her experience and leadership as she continues to drive our expansion into Thailand.”
Sumitomo Mitsui Trust Bank (Thai) was established with Bt20 billion in capital. Sumitomo established a representative office in Bangkok in 1993.
