By THE NATION
The stock purchase will make OCA the largest external investor and a representative from OCA will join the bank’s board of directors.
Established in 2006, the bank focuses on micro-finance and micro-SME loans, with its clients including small entrepreneurs, fresh market vendors, and restaurants.
It has total outstanding loans of over US$1.5 billion. The bank has developed technology for credit analysis system and debt collection tracking system and will launch an e-wallet by the end of this year.
OCA purchased the bank’s shares from Polaris Capital, managed by the Northstar Group.
OCA is a regional investment company that invests in non-listed private equity firms. It has investments all over Asia, including in Thailand.
“The bank is confident that it can continue to grow its business in micro-finance and micro-SME loans, and we are delighted to have OCA’s support, given its vast level of expertise,” said Winyou Chaiyawan, chief executive officer of the Thai Credit Retail Bank.
Daniel Mintz, managing director at Olympus Capital, said: “We are confident that the bank has an outstanding business opportunity to maintain their market leadership by expanding their financial services and making the transition into the digital era by using new technology to analyse customer groups and increase the level of customer satisfaction through a more efficient operation process.”