Foreign banks in Thailand

Foreign banks in Thailand

BANGKOK (AFP): Foreign banks operating in Thailand have formed an organization that they hope will be a future bargaining agent with the Thai Bankers Association, a Bank of Thailand spokesman (BOT) said yesterday.

Representatives of the 14 banks in the Foreign Bankers Club advised BOT Governor Vijit Supinit on Tuesday of the just incorporated organization, the spokesman said.

The club is still working out the details of its charter, which is expected to be finalized next month, he said.

In a related development, the BOT official said the government would let more than five foreign banks upgrade their status here as part of a financial liberalization plan under the Bangkok International Banking Facility (BIBF).

He did not give any names nor specify how many banks would be allowed to upgrade or when, but said the proposal would be submitted to the cabinet later this month.