FIDF to get Bt17.5 bn from asset manager
Sukhumvit Asset Management Co is confident that it can contribute Bt7.5 billion to the Financial Institutions Development Fund (FIDF) this year after restructuring non-performing loans and assets with its customers.
The asset-management firm was established on April 18, 2000, to manage Bt350 billion of NPAs and NPLs transferred from Krung Thai Bank after the financial crisis of |1997.
Now it manages NPLs worth Bt177.13 billion from 27,692 accounts and NPAs worth Bt6.79 billion.
It plans to buy NPA/NPLs from Thai Asset Management Corp, which will wind down this year.
It targets NPA/NPLs worth nearly Bt500 billion under management and a return to the FIDF of at least Bt7.5 billion this year.
It aims to grow 10 per cent a year on average, managing director Numphung Wongsamith told a press conference yesterday.
The company has succeeded in restructuring NPA/NPLs from 34,000 accounts and generating a return to the FIDF of Bt162 billion since its inception.
“Our strategy is to negotiate with our customers and help them to restructure their debt until they can recover from the debt burden and return to business as usual,” she said.
The company helps its customers by joining with banks to provide loans to support them in restructuring their liabilities.
“We believe that we will be one of the asset management companies to help firms survive their debt load and return to life again,” Numphung |said.
The company’s strategy produced its maiden profit in 2008 of Bt2.09 billion. Since then it has earned not less than Bt3 billion a year, she added.
