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 The portfolio covers the loans to 10,000 car buyers.

 Suthas Ruangmanamongkol, executive director of the bank, said the acquisition supports Tisco's objective to grow its lending portfolio, particularly in the leasing segment. Tisco will start managing GMAC's portfolio from July 1 onwards.

   GMAC has been operating in Thailand since 1998. After the US parent company suffered from the financial crisis, it stopped extending new loans in mid-2008. Tisco noted that all the loans in the portfolio are of high quality, with the average instalment period of 15 months.

 

 

The acquisition would help Tisco achieve the 15 per cent lending growth target. Its loans have shown a 11 per cent growth in the first five months.

 Earlier, Tisco acquired the Bt8.5 billion portfolio from Primus Leasing Co Ltd, the captive leasing firm of Ford Motor Group.