Thailand Liberalizes Foreign Bank Branches

Posted: 25 Mar 2011 | 6:00 am

In significant market liberalization move the Bank of Thailand has approved overseas banks the ability to open two more branches within 2011.

There remains a request by foreign banking institutions to open up to 20 branches over the next two years. This is currently under consideration with the Central Bank.

For Phuket this would be a significant development as it would allow banks such as HSBC the ability to open both personal and business banking services on the island.

For now its baby steps toward broader market reform.

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