BOT to extend new banking licenses
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Foreign banks are allowed a bigger presence in Thailand, with the invitation to set up subsidiaries that can open upto 20 branches and 20 off-premise ATMs.
Bank of Thailand on Friday issued the announcement, inviting interested foreign banks to establish subsidiaries here. Licenses will be awarded to five banks. The application review process is expected to complete by the middle of 2014.
The newly incorporated subsidiaries must have at least Bt20 billion minimum paid-up capital.
The applicants must be foreign commercial banks whose countries of origin has significant business relations with Thailand in the areas of finance, trade and investment, or whose countries of origin has a free trade agreement with Thailand or allows Thai banks to operate at a similar level as commercial banks.
