GSB poised to enter title loan business
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The board of the Government Savings Bank (GSB) on Tuesday approved the bank’s entry to the auto-title loan business, said bank president Vitai Ratanakorn.
GSB will take a 49 per cent stake in a listed company's subsidiary to provide this service, he added.
He declined to name the partner, pending a decision today by the board of the listed company on the joint investment.
The partnership has two key conditions: loans will carry an interest rate of 18 per cent per year, and the loan limit for customers offering either a car or motorcycle title as collateral is Bt200,000 per customer.
