Thai bank gets credit

Thai bank gets credit

SINGAPORE (AFP): The Overseas Union Bank (OUB) and AFC
Merchant Bank joined forces under an agreement signed here
yesterday to raise funds for the Thai Laem Thong Bank's largest
offshore syndicated credit facility.

OUB, one of Singapore's largest banks, and AFC, owned by a
group of ASEAN banks, will raise US$80 million from the
international capital market for the facility, which would meet
general funding requirements of the Thai bank.

Fourteen other international financial institutions are to
participate in the facility, the second time OUB and AFC have
worked together to raise funds for Laem Thong, one of Thailand's
oldest commercial banks.

In May 1994, the two institutions raised $38 million through a
syndicated credit facility that marked Laem Thong's first foray
into the Singapore capital market.

Laem Thong Bank's president and chief executive Gurdist
Chansrichwala and its executive director, Suchati Netisingha,
were present at Friday's signing ceremony, an OUB news release
said.