ABN acquires Thai bank<\/p>\n
BANGKOK (Dow Jones): Netherlands' ABN Amro Holding NV (AAN)
\nofficially confirmed its purchase of a 75 percent stake in
\nThailand's Bank of Asia PCL (H.BKA) Thursday, saying it wanted to
\nturn the bank into one of the country's top commercial lenders.<\/p>\n
Sergio Rial, chief executive of ABN Amro Asia-Pacific, said
\nthe Dutch bank's involvement with Bank of Asia would make it
\neasier to raise cheap international credit and capture a larger
\nshare of Thailand's trade financing market.<\/p>\n
\"We feel we are going to be able to turn Bank of Asia into
\nprofit very soon,\" Rial said.<\/p>\n
Bank of Asia posted first half net losses of 5.44 billion baht
\n(THB) this year, against a net profit of 846.5 million baht in
\nthe year-ago period. The bank said the losses were due mostly to
\nprovisioning of THB4.95 billion on problem loans.<\/p>\n
Rial said non-performing loans would not get any worse and,
\nwith an easier interest rate environment in Thailand, he expected
\nBank of Asia to extend its lending to the country's cash-starved
\nindustries.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/abn-acquires-thai-bank-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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