New BAM president confident of 10% annual growth
Bangkok Commercial Asset Management Co's new president Krit Sesavej believes it will maintain business growth of at least 10 per cent a year and will partner with all the commercial banks to manage their nonperforming assets and loans.
“We will help the country’s longterm growth when the banks [need not be] concerned about NPAs and NPLs. They will use their resources to manage their business growth,” he said.
Krit took over as president of BAM on September 1. He has ever been the company’s vice president. ??
He said his business strategy would focus on how to drive the company’s growth and help its indebted customers solve their financial problems and return to normal. This would also help sustain the country’s economy.
BAM also still plans to list on the Stock Exchange of Thailand, and will appoint a financial adviser this year.
“We target becoming a listed company on the SET in the last quarter of next year,” he said.
He added that the company was retaining its 2012 netprofit target of Bt3.2 billion, up 10 per cent from Bt2.9 billion last year. It reported net profit of Bt2.69 billion in the first eight months of this year.
Krit said the company would welcome the Asean Economic Community in 2015, which will increase the number of foreign investors in Thailand’s property market.
“We are redesigning our website to be bilingual [Thai and English], which will be complete by the end of this year. This is part of our support of the country joining the AEC and [serving] foreigners who invest in our assets,” he said.
Currently, BAM has total debts for restructuring worth Bt273.41 billion. Of that figure, Bt237.02 billion is accounted for by the NPLs of 44,152 customers, and Bt36.39 billion by NPAs of 13,526 customers.
