Latest news with #BangkokBank
Bangkok Post
5 days ago
- Business
- Bangkok Post
Thai banks start cutting interest rates
Thailand's top banks have started cutting lending rates, following the central bank's move on Wednesday to reduce the benchmark policy rate to a two-year low of 1.50% to support a weakening economy hit by US tariffs. Bangkok Bank, the country's largest lender by assets, led the move with a 25-basis-point cut to lending rates, matching the central bank's reduction. State-controlled Krungthai Bank and the Government Savings Bank also announced similar reductions. The reductions 'aim to help all customer groups quickly adapt to significant challenges arising from shifts in global production structures and supply chains, as well as intensifying competition in the near future', said Payong Srivanich, president of Krungthai Bank, who also heads the Thai Bankers Association. The central bank's Monetary Policy Committee voted unanimously on Wednesday to cut the benchmark rate to 1.50%, bringing the total reductions to 100 basis points since October. Thursday's moves mark the first time in the current easing cycle that Thai lenders have fully passed on a central bank rate cut, after previously passing through an average of just 43% of the past three reductions, according to BoT estimates. The Bank of Thailand has signalled its monetary policy will remain accommodative as it sees a slowdown in economic growth lasting into early 2026 due to the impact of a 19% US tariff on Thai goods, subdued domestic consumption and a decline in tourist arrivals. Incoming governor Vitai Ratanakorn, who will succeed Sethaput Suthiwartnarueput on Oct 1, lauded Bangkok Bank's move to lower lending costs. In a Facebook post, Mr Vitai said cheaper funds will help 'take care' of the business sector and the people. The former president of the Government Savings Bank is scheduled to chair his first rate meeting on Oct 8. The Pheu Thai-led government has long been urging banks to cut borrowing costs to help small businesses and households struggling to repay debt that soared during the pandemic. On Wednesday, Finance Minister Pichai Chunhavajira said the latest rate cut would help improve liquidity and support the Thai baht. Lower rates will also discourage banks from parking money with the central bank, he told reporters. But the lending rate cuts could further squeeze profit margins at major Thai banks, as net interest margins — already under pressure from weak loan growth — face additional strain, according to Sarah Jane Mahmud, a senior analyst at Bloomberg Intelligence. Bangkok Bank could be the most impacted, she said.
Bloomberg
30-07-2025
- Business
- Bloomberg
Bangkok Bank Advisor Spotlight
Chartsiri Sophonpanich, President, Bangkok Bank in conversation with Bloomberg's Joe Lee at the 2025 Bloomberg Sustainable Business Summit in Singapore. (Source: Bloomberg)
Bangkok Post
11-07-2025
- Bangkok Post
Retired man loses nearly B50,000 in luxury watch auction scam
NONTHABURI - A 65-year-old pensioner has lost 48,100 baht after falling victim to a fake luxury watch auction on Facebook, with police now investigating the online fraud scheme. Mr Nithikarn, the victim, filed a complaint with Pak Kret Police Station on Thursday following his experience with the fraudulent Facebook page "24 Ticker", which presented itself as a legitimate platform for auctioning second-hand branded watches. On July 4, Mr Nithikarn participated in an auction for a used Rolex Oyster Perpetual watch with a starting price of 29,000 baht. Multiple users appeared to bid, with prices rising to 47,000 baht before Mr Nithikarn placed the winning bid of 48,000 baht just before the 2pm deadline. The page administrator then contacted him requesting payment of 48,000 baht plus 100 baht delivery fee. Confident in the page's authenticity due to apparent bidder participation and absence of negative comments, Mr Nithikarn transferred 48,100 baht to a Bangkok Bank account under the name Thawatchai. The fraud became apparent when a purported insurance company demanded an additional 9,999 baht as shipping insurance – a requirement not mentioned in the original auction terms. When Mr Nithikarn refused and requested a refund, the fraudsters blocked all communication channels. Mr Nithikarn now believes the operation involved accomplices who participated in fake bidding to establish credibility. He has warned other online shoppers to exercise extreme caution when purchasing high-value branded items through social media platforms, recommending physical store visits instead. Police have identified the recipient bank account and are proceeding with freezing procedures whilst preparing to issue a summons for the account holder.
Bangkok Post
08-07-2025
- Business
- Bangkok Post
Bankers hope to mimic Vietnam deal
The US's proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness, warn economists in the banking sector. The best outcome Thailand can likely secure in trade negotiations with the US is a tariff rate of 20-25%, similar to the rate granted to Vietnam, said Kobsak Pootrakool, senior executive vice-president of Bangkok Bank. NEGATIVE IMPACT "If the final rate is higher, such as the proposed 36%, it would severely disadvantage Thai exporters and make it extremely difficult for them to compete in international markets," said Mr Kobsak. "The most pressing concern is Vietnam already secured a 20% tariff rate. If Thailand faces a significantly higher tariff, foreign companies planning investment here may shift their investments to Vietnam, inflicting long-term damage to the Thai economy." The US accounts for 18% of Thailand's exports. If the 36% rate is implemented, exports to the US could fall to 10% of the total, weakening bilateral trade relations over the long term, he said. The government should act swiftly by expanding into new export markets and offering export loan guarantees for small and medium-sized enterprises (SMEs) to cushion the impact, said Mr Kobsak. For some crops such as soybeans, which Thailand already imports in large quantities, tariffs may be eliminated. However, for other agricultural and livestock products, the government may need to negotiate special terms or allocate budgetary support to assist local producers, he said. Despite a slowing economy, the baht is at its strongest level in 2-3 years, due primarily to its inverse correlation with the US dollar, he said. To mitigate the effects of US tariffs, Mr Kobsak recommends exporters diversify into India, the Middle East, China, and Southeast Asia. He urged the government to guarantee export loans for SMEs through the Thai Credit Guarantee Corporation, while supporting SMEs through government procurement programmes. 'GIVE AND TAKE' STRATEGY Pipat Luengnaruemitcha, chief economist at Kiatnakin Phatra Financial Group, said the Thai government may need to adopt a give-and-take negotiation strategy, rather than aiming for a win-win outcome, following the US announcing it will maintain a 36% tariff on Thai exports. Citing the US-Vietnam negotiations, Mr Pipat said the US may expect Thailand to open its market further to American products, reduce import tariffs, remove non-tariff barriers, and address fraudulent origin labelling. He suggested Thailand gradually liberalise sensitive sectors, particularly agriculture. While agriculture is a pillar of the Thai economy and employs a large portion of the population, the government could implement measures to mitigate any short-term impact, said Mr Pipat. Thailand should also strengthen its competitiveness by attracting high-value and high-tech investments through incentives such as R&D support and tax credits to encourage electric vehicle parts manufacturing, artificial intelligence hardware production, and data centres, he said. Mr Pipat said an integrated task force is needed, comprising the Finance, Commerce and Agriculture ministries collaborating with the private sector to enable swift and strategic decision-making. Clear communication with all stakeholders is vital, including the US and international investors, about Thailand's serious commitment to economic development, he said. TOURISM A BUFFER If higher US tariffs are applied to Thai exports, the greatest impact would likely be felt in electronics and electrical components, where Thailand could face intensified global competition, said Sathit Talaengsatya, an economist at UOB Thailand. "Thailand maintains a competitive edge in tourism and hospitality, which should be developed into high-value service sectors such as wellness tourism to offset the impact on manufacturing exports," he said.
Bangkok Post
04-07-2025
- Business
- Bangkok Post
Banpu Shares Indonesia Investment Insights at Forum
Bangkok, July 4, 2025 – Indonesia's expanding energy market and strategic economic role continue to draw forward-looking investors from across the region. Amid rapid development and rising domestic energy demand, the country presents compelling opportunities for businesses with a long-term vision and commitment to sustainable growth. These themes took centre stage at the Indonesia Investment & Trade Forum 2025, where Banpu Public Company Limited shared its success story and investment outlook in the Indonesian energy sector. Mr Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, participated as a speaker at the forum, which was jointly organised by Bangkok Bank and Indonesia's Permata Bank. As a company recognised for its successful operations in Indonesia, Banpu offered insights into investing in one of the region's most promising and strategically important markets—economically, socially, and environmentally—while also laying the foundation for next-generation energy ventures. During the session, Mr Sinon expressed Banpu's confidence in Indonesia's abundant energy resources and the strong partnerships that enable mutually beneficial outcomes. He also noted the country's dynamic energy sector growth, supported by increasing domestic demand and the evolution of energy-related technologies and innovations. Stay informed on Banpu's latest news and developments at or
