Thailand and China jointly launch bank

Thailand and China have jointly launched the International and Commercial Bank of China(Thailand), (ICBC), to support the ASEAN-China Free Trade Area (FTA).

Finance Minister Korn Chatikavanij and ICBC Chairman Jiang Jianqing yesterday officially opened the Bank. ACL, the major shareholder, presently holds over 97% of the Bank after acquiring shares in a local bank from the Ministry.The name has since been changed to ICBC Thailand Public Company Limited.

According to the Minister, the decision to sell the shares would help connect the two countries’ businesses together. He added that the Chinese Bank would add more trading channels for business expansion in the Greater Mekong sub-region as well as the ASEAN.

China is currently Thailand’s number two trading partner, with a total of 38.2 billion US dollars’ worth of trade last year.

As for the rapid train construction project, Mr Korn said the Kingdom needed Chinese financial assistance, adding that the ICBC had shown interests in supporting it.

Source: http://thainews.prd.go.th/en/news.php?id=255311030017

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