Thailand to allow five foreign commercial banks to enter market

BANGKOK – Thailand’s Ministry of Finance has announced that it will allow up to five foreign commercial banks to establish a subsidiary in Thailand. A foreign commercial bank subsidiary is defined as a commercial bank where at least 95 per cent of its total shares are held directly or indirectly by a foreign commercial bank. The subsidiary must have paid-up registered capital of at least Baht20 billion and can apply to open as many as 20 branches and 20 off-premises ATMs in Thailand.