Ascend Bank to launch by end-June as CP eyes full virtual bank rollout
Suphachai Chearavanont says Ascend Bank will be unveiled by end-June under BOT rules, while CPALL denies plans to fold Counter Service, Thai Smart Card and CPAXTRA into the virtual bank.
Senior CP Group executive Suphachai Chearavanont said on Friday that Ascend Bank Plc (ASCEND BANK) is set to be officially launched by the end of June 2026, in line with the Bank of Thailand’s regulatory timeline for virtual banks.
CPALL clarifies rumours over three-business merger
Suphachai also addressed reports that independent directors had opposed a plan to consolidate Counter Service, Thai Smart Card, and CP AXTRA (CPAXTRA) under the commercial banking and financial business group of ACM Holding Co., Ltd., a CP subsidiary.
He said CPALL has no intention of bringing those three businesses under the virtual bank structure, stressing that all actions must comply with the Bank of Thailand’s strict rules.
He added that the next steps will depend on the outcome of CPALL’s extraordinary general meeting on May 29, 2026.
“If shareholders do not approve the consolidation, the company will submit the matter to the Bank of Thailand in line with the shareholders’ resolution, to uphold good governance and transparency,” he said.
