More Foreign Bank Branches For Phuket?
The island is anxiously awaiting the reforms by the Finance Ministry and Bank of Thailand over allowing foreign banks to open new branches in the first quarter of this year.
According to the Central Banking the move subject to Cabinet approval would green light foreign banks to have up to 20 branches and off site ATMS throughout Thailand.
In a move which looks to be instigated by the upcoming Asean Economic Community (AEC) initiative in 2015.
For Phuket businesses and expats the limited offering of only one overseas bank – UOB has been considered to be a negative factor.
Certainly one bank which often comes up in conversation is HSBC and perhaps it may not be too long before we see other financial institution's with a local branch.
Recently HSBC announced they are selling their Thailand retail and wealth management units to Bank Ayudhya, but would continue with wholesale banking.