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Bank for Agriculture and Agricultral Cooperatives

 Establishment of Bank for Agriculture and Agricultural Coopperatives

In 1947 the Bank for Cooperatives was established to serve as a source of funds for the cooperatives that existed in Thailand at that time. The Bank carried out its lending operations until 1966, when it was replaced by a new Bank. The reasons for the change were as follows:

The Bank for Cooperatives had no power to provide credit to the majority of farmers who were not members of cooperatives.
The Bank did not provide short term loans for crop production.
The Bank was not able to consider loan applications.
The Bank did not supervise its loans and no government agency carried out this function at that time.

The operations and organization of the Bank for Cooperatives were not internationally known or recognized. As a result the Bank did not have access to foreign sources of funds and suffered from a shortage of capital.

For these reasons, in 1966 the government established the Bank for Agriculture and Agricultural Cooperatives (BAAC) as a state enterprise under the jurisdiction of the Ministry of Finance. The BAAC's mission was to extend credit more widely, directly to individual farmers as well as through farmer institutions.

Head Office
Bank for Agriculture and Agricultral Cooperatives
469 Nakhon Sawan Road, Dusit, Bangkok 10300
Tel. (662) 280 0180 Fax. (662) 280 0442
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