Tisco takes over Standard Chartered’s Thai retail banking business
Tisco Financial Group has agreed to buy the retail banking business of Standard Chartered Bank (Thai) to strengthen its own retail banking business and increase opportunity to expand customer base, it reported to the Stock Exchange of Thailand on Thursday morning.
The transaction will be made by Tisco Bank and All-Ways, wholly owned subsidiaries of the group.
Tisco Bank will take over the personal lending, mortgage, retail banking, wealth management and individual deposits businesses while All-Ways will take over the credit card business.
As of September 30, the net asset value was around Bt5.5 billion, with total assets of Bt41.60 billion and total liabilities of Bt36.10 billion.
The transfer is expected to be completed within 2017, according to the report.
Plakorn Wanglee, CEO, Thailand and Representative Offices, Standard Chartered Bank, said: “While our retail banking business in Thailand is of high quality, it has insufficient scale and it has become increasingly difficult to achieve the returns that we aspire for. It is after careful consideration that we have agreed to transfer the retail banking business to Tisco.”
Standard Chartered is the only international bank operating in all 10 Asean markets. The bank has operated in Thailand since 1894 and it said having a strong business here remains a core part of its regional strategy.
“We are committed to helping the country’s economy to develop and will continue to invest in our corporate and institutional banking and commercial banking businesses here. Our uniquely diversified network complements the government’s drive to enhance Thailand’s connectivity with the region and beyond. We can provide the links and right contacts that companies need to pursue and leverage opportunities in other markets,” Plakorn said.
