Standard Chartered announced that the 111-year old Standard Chartered Bank, Bangkok Branch has been successfully integrated into Standard Chartered Nakornthon Bank.
The name of the combined bank has been changed to Standard Chartered Bank (Thai) Public Company Limited (SCBT).
The bank says the integration is reaffirmation of Standard Chartered Group’s long-term commitment to Thailand and to the development of the Thai financial sector. The Financial Sector Master Plan announced by the Bank of Thailand in January 2004 requires that banking groups move to one deposit-taking entity only.
“We believe this is a great opportunity, as the new combined entity will give further impetus to our Consumer & Wholesale businesses,” says Annemarie Durbin, CEO, Standard Chartered Bank (Thai). “Our customers will be advantaged by our strong competitive position of being a locally incorporated commercial bank, with international strengths and franchise. We will leverage our domestic and international branch network to expand further our range of products and services and grow our franchise in Thailand.”
Standard Chartered Bank, UK is the majority shareholder in Standard Chartered Bank (Thai) pcl. The assets of the combined entity stand at THB 139 billion. Fitch, the international rating agency recently upgraded Standard Chartered Bank (Thai) pcl’s long-term credit rating to ‘A-‘ (A minus) from ‘BBB+’.