BOT approves microfinance services

The Bank of Thailand yesterday approved commercial banks providing microfinance service for people without setting a minimum income for borrowers.

Starting on June 1, all banks can provide microfinance to individuals and juristic persons, said BOT Assistant Governor

Pimpa Thawarayut. Banks will provide loans not exceeding Bt200,000 to individuals at a maximum interest rate of 28 per cent per annum.

She said at least three banks were interested in offering microfinance service, and the central bank would check every quarter to evaluate the rate of loan expansion.

Robinson sales growth target up

Robinson Department Store has boosted its sales-growth target from 12 per cent to 15 per cent for this year, based on strong sales in the first quarter, better prices of agricultural products, and the coming general election, which will stimulate consumer spending in the second and third quarters.

The company posted Bt4.1 billion in sales in the first quarter, up 15.6 per cent over the same quarter last year. It also achieved 24.3 per cent growth to Bt385 million in net profit. The company plans to invest Bt4 billion this year and next to open three or four new stores per annum.

Bt10 bn for cable upgrades

The Thailand Cable TV Association (TCTA) and Cable Thai Holding jointly announced a Bt10-billion investment on upgrading communication networks and base stations in a bid to expand their viewer base.

TCTA president Kasem Inkeaw said yesterday that part of the investment would go towards a fibre-optic digital broadcasting system and Internet connections for cable TV operators that are members of the association.

TMB officer resigns

TMB Bank CEO Boontuck Wungcharoen said yesterday that Sayam Prasitsirikul, chief SME banking officer, had resigned from the position, effective on July 1. The bank will appoint a new executive to take charge of SME banking soon.

Baht bond issue

Korea Development Bank will raise Bt3 billion through a baht bond issue, according to a filing to the Securities and Exchange Commission.

TMB Bank is acting as the financial adviser for the issue.

Berli Jucker will also launch a public offering of Bt2.5 billion bonds. The bonds will be issued in two tranches, with maturities of three and five years.