ICBC officially enters Thai market

ICBC opened a branch Bangkok to mark its foray into the Thai market. The new Branch, formerly ACL Bank before being acquired by ICBC, was officially renamed as ICBC (Thai) Public Company Limited or ICBC Thai.

Invited guests at the opening ceremony were Thai Finance Minister Korn Chatikavaniji, Deputy Governor Mrs. Atchana Waiquamdee of the Bank of Thailand, Chinese Ambassador to Thailand Guan Mu, ICBC Chairman Jiang Jianqing and Senior Executive Vice President Wang Lili.

The renamed ICBC Thai takes over all the customers, assets and business of the former ACL Bank and becomes a nationwide commercial bank in Thailand. ICBC Thai holds a full business license that allows the Branch to provide a full range of banking services to companies, individuals and institutional clients encompassing loans, deposits, settlement, trade finance, leasing, investment banking and securities brokerage. ICBC Thai also owns a subsidiary engaging in leasing business and one listed associated securities company.

At the inaugural ceremony, ICBC Chairman Jiang Jianqing reiterated the importance of Thai market. The inception of ICBC Thai is significant to ICBC in terms of gaining presence in Mekong River Region as well as Southeast Asia and the set up of a comprehensive global service network.

The establishment of China-ASEAN Free Trade Zone this year, China Western Development Program and the further cooperation around Greater Mekong Sub-Region will offer many new opportunities for Chinese and Thai companies and great potential for ICBC Thai. Looking ahead, ICBC Thai will underscore the competitive advantages of former ACL bank and push ahead with the Thai peers. The Branch will provide all the financial support to the Chinese and Thai companies and the economic progress of Thailand through ICBC Group's global resources and advantages.

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