AIG Finance bid for bank licence
AIG Finance (Thailand) is hoping the Bank of Thailand (BOT) will grant it a banking licence by the end of this year, after it sent the central bank the information it requested regarding allegations of accounting fraud by its parent company, the American International Group.
"Last week, we turned in the required information to the central bank. I think at this time we have submitted all [requested] information," AIG Consumer Finance Group country manager Chaiwat Utaiwan told reporters.He said the report sent to the BOT explained how the parent company's legal case was settled. Deputy BOT governor Tarisa Watanagase yesterday said the Financial Institutions Policy Committee would reconsider the licence request soon. The financial house was one of several that received initial BOT approval to upgrade themselves to a retail-oriented bank. However, the licence was delayed after the central bank requested information related to the parent firm's fraud allegations. Meanwhile, GE Money Retail Bank and Land and Houses Retail Bank were both upgraded after receiving their licences from the BOT.
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