Thanachart Bank Public Company
Limited (TBANK) was originally a finance
company known as Ekachart Finance Company Limited. Its
head office is located at 900 Tonson Tower, Ploenchit
Rd., Lumpini, Pathumwan, Bangkok. TBANK commenced its
operations on April 22, 2002 with a restricted banking
license. Afterward, the Ministry of Finance granted a
full commercial banking license on March 1, 2004. The
Bank, now, is providing all kinds of financial services
with automobile hire purchase as its core business.
Background
In December 1998
The Ministry of Finance announced a policy to encourage
a consolidation among finance companies by offering a
Restricted Banking License, to replace a Super Finance
License announced earlier by the government. One of the
major requirements was that the applicant must be a
merger or acquisition of at least 5 Financial
Institutions with the minimum capital of Baht 10,000
million after fully provided for loan loss reserve.
In February 1999
Thanachart Capital Public Company Limited, formerly
named as National Finance Public Company Limited,
applied to the Bank of Thailand for a Restricted Banking
License by using Ekachart Finance Public Company Limited
as a core company and other 4 Financial Institutions (HSBC
Finance Company Limited, Bangkok Home Company Limited,
Sinkahakarn Credit Foncier Company Limited, and Vanit
Credit Foncier Company Limited) to set up the new bank.
In June 2001
The Bank of Thailand approved in principle for
Thanachart Capital to pursue on its restricted banking
plan. It was also in this month that all good loans
amounting to Baht 16,857 million from Thanachart Capital
and those 4 acquired Financial Institutions were
transferred to book at Ekachart. Distress assets under
Ekachart for the total amount of Baht 4,464 million were
transferred to manage at NFS Asset Management Company
Limited. The assets transfer was done in line with the
plan to apply for a Banking License.
On January 3, 2002
The Ministry of Finance finally granted the restricted
banking license to Ekachart. To receive the License,
Ekachart returned its Finance Business License back to
the authority, and changed its name to Thanachart Bank
Public Company Limited. The authority also allowed the
Bank to carry forward its public company status. As a
result, Thanachart Bank Public Company Limited was hence
opened on April 22, 2002.
On March 1, 2004
Thanachart Bank Public Company Limited was awarded a
Full Commercial Banking License. In this year, the Bank
of Thailand and the Ministry of Finance introduced a
number of measures aimed at enhancing the efficiency of
the financial system by rationalizing the structure and
roles of financial institutions under the Financial
sector Master Plan. Thanachart Capital Public Company
Limited and Thanachart Bank Public Company Limited
submitted their reorganization plan in compliance with
the One Presence Policy.
On April 22, 2005
The Ministry of Finance approved Thanachart Group’s
reorganization plan in line with the One Presence Policy
of the Financial Sector Master Plan. According to the
plan, the Bank has been conducting hire purchase
transactions in place of the Parent Company, Thanachart
Capital since May 9, 2005; that on July 1 and November
1, 2005, the Parent Company transferred its deposits in
form of promissory notes issued to individual and
corporate customers amounting to Baht 79,803 million to
the Bank; that on October 1, 2005, loans comprising
principal and interest receivable amounting to Baht 535
million were transferred from the Parent Company to the
Bank. In addition, on December 9, 2005, the Bank
registered its paid-up capital from Baht 8,102 million
to Baht 14,584 million. |