Rabobank to close Bangkok office
Rabobank International yesterday said it was closing its 10-year-old representative office in Thailand due to limited activities.
However, Rabobank in its press release reaffirmed its commitment to its customers in Thailand and said it will continue to serve them through its branch in Singapore."Closing our representative office in Thailand does not mean we are exiting the market and in no way undermines our commitment to our customers there. "Through our Singapore branch, we will leverage on our strong network and in-depth knowledge in our key sectors in Asia, including Thailand, to deliver optimal services to, and maintain long-term relationships with, our clients in Thailand and in the region," said Goh Chong Theng, general manager of Rabobank's Singapore branch. Rabobank's decision to close its Thai office is due to the limited scope of activities that a bank's representative office is permitted to undertake under Thailand's regulations.On March 31, Union Bank of California NA also shut down its representative office in Bangkok. - The Nation
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