Islamic Bank invites financial institutions to invest in it
Islamic Bank of Thailand plans to set up an asset management team to handle its Bt48 billion in non-performing loans and invite 35 financial firms to invest in the bank to restructure its business and boost its new loans – which stand at Bt30 billion.
Chairman Chaiwat Utaiwan said Islamic Bank aimed to sell its 74.5 per cent stake in the bank in accordance with its restructure plan approved by the State Enterprises Super Board. The remaining stake is owned by Finance Ministry.
According to its restructure plan, the bank needs new capital of Bt20 billion so its finances adhere to Bank of Thailand standards.
The bank has outstanding loan worth Bt95 billion.