SCB's loan scheme to Chinese companies
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Siam Commercial Bank launches a new one-year bridge loan programme to help Chinese customers purchase land in three industrial estates, expecting 50 clients to tap more than Bt5 billion within 3 years.
Participating in the programme are Hemaraj Industrial Estate, Rojana Industrial Park and Amata Industrial Estate. Chinese companies, with Board of Investment's approval to their investment plans, are entitled to borrow up to Bt200 million each for a period up to 1 year.
Siam Commercial Bank President and Chief Executive Officer Arthid Nanthawithaya said that in the past 5 years, Thailand's foreign direct investment (FDI) from China ranked No. 1 in growth rate and the momentum will likely continue due to Thailand's strategic locations in Asean, high quality labour, and infrastructure, including Board of Investment privileges. These will drive investment which will in turn fuel our economy in the long-term particularly in trade flow, knowledge transfer, and job creation. SCB has extended loans to some Chinese companies such as Trina Solar, the world's largest manufacturer of solar panels, and Qingdao Sentury Tire, a major manufacturer of high tech tires.
"We also intend to scale the offering to foreign investors from other countries in due course," he said.
