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Published on October 16, 2007

The branch operates in fast-growing Shenzhen and allows Bangkok Bank to tap into the economic growth of the Pearl River delta, home to more than 40,000 factories.

Bangkok Bank has asked the Chinese government for a fully incorporated local banking licence.

The move confirms the bank's position as Thailand's leading commercial bank with the largest foreign-branch network, it said in a statement.

Senior executive vice president Prasong Uthaisangchai said the branch was in a convenient location, within 30 minutes to 60 minutes travel for most of its customers. Suwatchai Songwanich is the manager.

Because of Shenzen's proximity to Hong Kong, it will work closely with the three Bangkok Bank branches there.It offers foreign-currency services to offshore-registered

companies and those with foreign shareholdings of more than 25  percent, local corporations with foreign shareholdings of 25 percent or less, state enterprises and private domestic companies and both Chinese nationals and foreigners.

Prasong said it had applied for local incorporation under regulations passed late last year that allowed foreign banks to obtain a licence to operate with the same rights as local banks.

Local incorporation would allow it to provide a complete range of financial services in both local and foreign currencies to all customer groups.

As part of local incorporation, the subsidiary of a foreign bank is required to have minimum registered capital of one billion Chinese yuan (Bt4.54 billion).

The bank was the first from this country to commence operations in China when it opened a representative office in Beijing in 1986. It became a full branch in December 2005.

The bank now has six branches in China, two in Japan, three in Taiwan, two in Vietnam and one each in Laos, the Philippines, Singapore, Indonesia, the United Kingdom and the United States.

It has a wholly owned subsidiary in Malaysia and a representative office in Burma.

 The Nation