TISCO and Standard Chartered enter into an agreement for Standard Chartered’s Retail Banking business in Thailand
Standard Chartered Bank (Thai) PCL (“SCBT”) has agreed to transfer its Retail Banking business to TISCO Bank PCL (“TISCO Bank”) and All-Ways Company Limited , wholly own subsidiaries of TISCO Financial Group PCL (“TISCO”). Under the agreement, SCBT’s Retail Banking business, including credit cards, personal loans, business loans, wealth management, mortgage loans, bancassurance and retail deposits will be transferred to TISCO within 2017, subject to regulatory approvals. SCBT and TISCO will work together closely to ensure a smooth transition for affected Retail Banking clients.
Standard Chartered PLC announced in November 2015 that it would be taking a series of simplification and restructuring actions to improve returns, including to divest businesses that have insufficient scale or lack competitive advantages. SCBT nevertheless remains committed to Thailand. Its Corporate and Institutional Banking and Commercial Banking businesses are strong and differentiated and Standard Chartered remains fully committed to serving clients in those segments in Thailand and supporting Thai businesses domestically and as they trade internationally.
TISCO plans to extend its presence in Retail Banking business in terms of both market position and product coverage. The transaction aligns well with TISCO’s strategic position and business aspiration. Meanwhile, TISCO will strengthen its Retail Banking business franchise with a substantially expanded customer base, more complete product lines, and increased retail distribution channels. Upon the completion of the transfer of SCBT’s Retail Banking business to TISCO, customers will gain access to a wider banking network and broader offering of retail banking services across Thailand. Customers will also benefit from a more complete line of financial services through TISCO’s Retail Banking value-added products including loans, savings products, insurance services, investment advisory and capital market services.
Plakorn Wanglee, CEO, Thailand and Representative Offices, Standard Chartered Bank said:
“While our Retail Banking business in Thailand is of high quality, it has insufficient scale and it has become increasingly difficult to achieve the returns that we aspire to. It is after careful consideration that we have agreed to transfer the Retail Banking business to TISCO.
Standard Chartered is the only international bank operating in all ten ASEAN markets, and serving clients that drive investment, trade and the creation of wealth in the region remains at the heart of its strategy. The bank has operated in Thailand since 1894 and having a strong business here remains a core part of its regional strategy. We are committed to helping the country’s economy to develop and will continue to invest in our Corporate and Institutional Banking and Commercial Banking businesses here. Our uniquely diversified network complements the government’s drive to enhance Thailand’s connectivity with the region, and beyond. We can provide the links and right contacts that companies need to pursue and leverage opportunities in other markets.
With full corporate services, we continue to bring efficiency to subsidiaries of multinational corporate and institutions in Thailand.”
Oranuch Apisaksirikul, Group CEO of TISCO Bank said:
“Acquiring SCBT’s Retail Banking business is in line with TISCO’s strategy to expand customer base and broaden our service scope for retail clients. Being a pioneer in the retail lending business in Thailand for more than 47 years, we have been able to sustain growth, by both organic and inorganic ways, through economic cycles and remain a top player in the market. As such, we always welcome the opportunities to fulfill the financial needs of clients. Today we are pleased to enter into an agreement with SCBT, and we both commit our best effort in providing support and service continuity to clients during the transfer period.
At the end, they will benefit from the wider range of products and service choices that TISCO Group offers.”
The transfer is expected to be completed within 2017, subject to regulatory approvals.
(December 22 2016)
TISCO Bank Join “Inheritance Pension as Collateral for Loan” Project by the CGD
Ms. Oranuch Apisaksirikul, Group Chief Executive Officer of TISCO Financial Group (left), and Ms. Oranuch Vainusit, Deputy Director General of The Comptroller General's Department (CGD), Ministry of Finance (right), have signed on Memorandum of Understanding of “Inheritance Pension as Collateral for Loan Project” to support cost of living of pensioners at TISCO Tower, recently.
(April 28, 16)
TISCO Bank Provides Financial Support to Supreme Team's new project “SUPREME LEGEND”
Ms. Oranuch Apisaksirikul, Group Chief Executive of TISCO Financial Group (center-left) and Mr. Sirichai Charoensakwatana, President of Supreme Team Company Limited (center-right), signed on loan agreement to support Supreme Team for its new project “SUPREME LEGEND”, a two-building of low rise residential condominium project on Nang Linchi – Rama III Road. The project is expected to be completed in early 2018. Signing ceremony was held at TISCO Tower, recently.
(April 19, 16)
TISCO Financial Camp #7
TISCO Group held TISCO Financial Camp #7 under the concept of “Saving before Spending, Creating Financial Discipline” with high school students and teachers from 38 schools in 27 provinces nationwide. The project aims to educate the participants on personal financial management and to encourage them to share the knowledge to their communities. This project has been held for 7 times already and is a part of TISCO’s commitment to help spreading financial literacy in the society. The event was held at TISCO Tower, recently.
(March 17, 16)
TISCO Introduces Its Microfinance Business “Somwang Ngern Sang Dai”h
TISCO Group today launches “Somwang Ngern Sang Dai”, its new microfinance business, offering loans against auto licenses for all types of vehicles, “Motorcycles – Cars – Pickups – Trucks”, helping low income people access loans from bank. Customers will receive fast cash without transferring lien on titles, with minimum 0.55% interest rate, lowest rate in the market. Now it’s ready to serve with more than 100 loan offices across the country, aiming for 100% growth with 8,000 million baht loan portfolio and to rank top 3 in auto title loan market, held at TISCO Tower, recently.
Photo Shown (From Left - Right)
1.Sakchai Peechapat, Senior Executive Vice President TISCO Bank Plc.
2.Vasin Sivasirikarul, Senior Vice President, Head of Sales & Marketing Function, Hi-Way Co., Ltd.
3.Oranuch Apisaksirikul, Group Chief Executive
4.Supachai Boonsiri, Managing Director, Hi-Way Co., Ltd.
5.Metha Pingsuthiwont, First Executive Vice President TISCO Bank Plc.,
6.Yuttpong Sriwongjanya, Head of Retail Banking, TISCO Bank Plc.
(March 24, 15)
TISCO Introduces Its Microfinance Business “Somwang Ngern Sang Dai”
Offering Loans Against Auto License, Aiming 100% Growth
TISCO Group today launches “Somwang Ngern Sang Dai”, its new microfinance business, offering loans against auto licenses for all types of vehicles, “Motorcycles – Cars – Pickups – Trucks”, helping low income people access loans from bank. Customers will receive fast cash without transferring lien on titles, with minimum 0.55% interest rate, lowest rate in the market. Now it’s ready to serve with more than 100 loan offices across the country, aiming for 100% growth with 8,000 million baht loan portfolio and to rank top 3 in auto title loan market with responsible lending, expanding financial knowledge education to local communities nationwide.
Mr.Yuttpong Sriwongjanya, Head of Retail Banking, TISCO Bank Public Company Limited revealed that “From TISCO's mission to deliver value financial services with mastery and professionalism and our expertise in providing loan services to retail clients that address their needs in all geographies. Today (24 Mar 15), we have officially launched our new microfinance business, named “Somwang Ngern Sang Dai” (Money by order) which operated by Hi-Way Co., Ltd., a subsidiary under TISCO Group.
Mr. Supachai Boonsiri, Managing Director, Hi-Way Co., Ltd. said “Somwang Ngern Sang Dai” offers low-income customers an easy access to source of fund from a professional financial institute. Its mission is to fulfill customers' hopes and dreams (Somwang) by offering loans to those in need of money, either for daily consumption or business startup and expansion, which help improving their quality of lives.
“Somwang Ngern Sang Dai” offers loans against automobile license for all types of vehicles, from motorcycles, cars, pickups to trucks. Vehicle owners with “wheels and auto titles” could apply for loans from Somwang's specialties: 1. No title transferred - get loans without transferring lien of their vehicle titles to the company 2. Easily loan granting - get maximum loan up to 150% financing 3. Express cash loan - get cash loan within an hour after loan approval process, depending on type of loans. 4. No guarantor needed 5. Low interest rate - starts from 0.55% per month, the best interest rate in auto title loan market. 6. Receive loan everywhere in Thailand - vehicles owners with auto titles registered in any province in Thailand can apply for the loans.
“The inception of Somwang was to create financial opportunities for retail customers, helping them access loans from trusted financial institution. Our customers do not “ask for loans” but they “order loans” instead. We offer loan products that meet their needs and their repayment abilities in order to fulfill their hopes and dreams.
Mr. Supachai also stated that Somwang has been getting positive feedback from the public since it started its business 2 years ago. Now Somwang has more than 500 staff and more than 100 geographical branches nationwide, with 11 branches in Bangkok and vicinity. At the end of 2014, Somwang's loan portfolio reached 3,824 million baht, of which 95% was from cars, pickups and trucks and 5% was from motorcycles. In 2015, Somwang plans to increase its loan portfolio to 8,000 million baht or 100% growth and to rank among top 3 leading auto title loan business.
For 2015 strategy, the company aims to expand its business and customer base as well as to launch new and innovative products and co-promotion campaigns with partners. In addition, it also launched “Somwang at Your Service”, mobile cars offering loans to those in remote areas throughout Thailand.
Moreover, Somwang conducts its business with responsible lending. The company has launched “Smart Saving, Smart Spending with Somwang”, a financial literacy project for local communities. This simple yet effective financial course, consisted of saving tips, household accounting, debt management and etc., has been well-received by local communities. Somwang has already organised financial literacy classes in more than 50 communities with more than 9,200 households nationwide participated in the program. In 2015, it aims to conduct this class for 20,000 households in 100 communities.
“With 38-year-long experiences in loan business of Hi Way, a subsidiary of TISCO Group, and with Somwang's promptness to serve customer with our geographical branches, professional staff and innovative products, we are now ready to serve Thai people nationwide. We are aiming for 100% growth and to rank in the top 3 in the market within this year. Since there are many people seeking for loans, we are confident that “Somwang” would receive more positive feedback from the public”
TISCO Goup led by Oranuch Apisaksirikul, Group CEO, and management team recently gave scholarships to the winners of TISCO Fun-nancial Champion project, a financial literacy course for secondary school students. The winning team was from Yang Kham Phitthayakhom School, Khon Kean province, with the establishment of “Saving Changes Life, Sufficiency Economy” club and also initiated expense saving program for local funerals which created sustainable results for their communities. The event was held at TISCO Tower, recently.
This activity is one of TISCO’s social financial literacy on-going programs, which TISCO aims to use its financial expertise to solve the problem and to serve as the communities’ financial advisor.
(December 29, 14)
TISCO Bank Receives Top Bank in Corporate Bonds
TISCO Bank led by Chalit Silpsrikul (left), First Executive Vice President - Wealth Management and Banking Service received “Top Bank in the Secondary Market in Asian Currency Bonds for Corporate Bonds – Thailand from The Asset Benchmark Research Award 2014 by The Asset Magazine. The survey,voted by institutional investors across Asia, reflects TISCO's high standard of sales services and its professional service of supply of bonds to institutional investors. Danaya Wanitphakdeedecha (right), Head of Fixed Income Investment Desk also received “Highly Commended Individual” award. The event was held at Grand Hyatt Singapore, Singapore, recently.