ANNOUNCEMENT 07 Jun 2013In June 2013, the government of Thailand announced a change in import formalities.
NUMBER OF INTERVENTIONS
License for New Foreign Commercial Bank to Operate in Thailand in accordance
with the Financial Sector Master Plan Phase II - Bank of Thailand
Foreign Commercial Banks Can Now Establish
Their Subsidiaries in Thailand - Baker & Mckenzie
On 7 June 2013, Thailand's Ministry of Finance released a notification whereby foreign commercial banks were invited to apply to setup a subsidiary in Thailand. Approval to setup such subsidiaries will be give to a maximum of five foreign commercial banks and such approved subsidiaries are permitted to open 20 bank branches and 20 off-premised ATMs in Thailand.
The subsidiary must have a minimum paid-up registered capital of Baht 20 billion and must meet, among others, certain conditions and standards set by the Ministry of Finance regarding the expertise of the banks and must belong to a country that has significant business relations with Thailand.
Foreign banks could submit applications for this measure between 2 July and 30 December 2013.