The Islamic Bank of Thailand’s managing director admitted bank clients could experience more inconveniences in making international financial transactions after Thailand has been put on the watch list for money-laundering and terrorism financing. The bank also plans to adjust its business strategy this year after it has been slapped with the 0.47 percent premium contribution to the national development fund.
Managing Director of Islamic Bank of Thailand Teerasak Suwanyos played down the impact on overseas investments of the bank’s clients after Thailand’s name appeared on the money laundering and terrorism financing watch list.
Hot on the heels of the triple bomb blasts in Bangkok last week, Thailand was identified by intergovernmental organization, Financial Action Task Force, as uncooperative in the global efforts to combat money laundering and terrorism financing.
Islamic Bank MD said the bank has ten clients who invest heavily overseas with a combined investment value of hundreds of millions of baht. Teerasak noted that the bank will be more rigorous in checking documents and transactions to prevent any possibility of being linked with any money laundering or terrorism activities.
Teerasak also commented on the new 0.47 percent premium that was slapped on all banks by the Finance Ministry and the central bank. The banker said the premium, slated to go towards the National Development Fund, will cost the bank 500 million baht in operating revenue. That’s almost 50 percent of the net profit calculated from its current deposit base of 117 billion baht.
He said the bank may have to revise its strategic business plan for this year to take into consideration the new premium.
The Islamic Bank has set a loan target of 20 billion baht for this year, including six billion baht for SMEs, ten billion baht for retail borrowers and four billion baht for major clients.
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