torrenova Posted July 21, 2004 Report Share Posted July 21, 2004 I read some time ago that one of the Thai banks was owned by or had cross shareholdings or similar with a european bank. Can anyone shed any light on this as I no longer have my analysts to call ? Also, has anyone done any research into the financial stability of the main Thai banks ? Who owns them etc. ? The purpose of this question is that I may have some reasonable sums in one or other Thai banks and I just don't want them folding the day I try and get my money out !!! Link to comment Share on other sites More sharing options...
Nervous_Dog Posted July 21, 2004 Report Share Posted July 21, 2004 I thought this was all covered a few days ago? Go to this web site, it tells all, http://www.bot.or.th/bothomepage/index/index_e.asp Such as http://www.bot.or.th/bothomepage/databank/financial_institutions/npl_fi/254611/004e.htm Etc, err - if you are in doubt do you NEED to have all your money here? JB Link to comment Share on other sites More sharing options...
rickfarang Posted July 28, 2004 Report Share Posted July 28, 2004 With the surge in the rate of non-performing loans, this question (the safety of the banks) are taking an increasing part of my waking thoughts. :: Link to comment Share on other sites More sharing options...
OCgringo Posted July 28, 2004 Report Share Posted July 28, 2004 If -it was my $$$$......' ' I would be more concerned about the baht exchange rate when you wanted to take your money out later. Link to comment Share on other sites More sharing options...
think_too_mut Posted July 28, 2004 Report Share Posted July 28, 2004 Anyone on the board who was in LOS in 1997? What happened to people's money in the banks that sunk? Lost their savings? Link to comment Share on other sites More sharing options...
soongmak Posted July 28, 2004 Report Share Posted July 28, 2004 I read some time ago that one of the Thai banks was owned by or had cross shareholdings or similar with a european bank. Can anyone shed any light on this as I no longer have my analysts to call ? The bank you're referring to is Bank of Asia. It is supposed to be a member of ABN Amro, a dutch owned bank with a solid reputation. I don't know what it means to be a "member"of a bank, so I can't tell you if your money will be safer there than at any of the other thai banks. Cheers, soongmak Link to comment Share on other sites More sharing options...
soongmak Posted July 28, 2004 Report Share Posted July 28, 2004 Oops! Seems I am misstaken. ABN AMRO has sold the shares in Bank of Asia to the Singapore?s United Overseas Bank, whoever they may be. You can read the story in today's The Nation. For your covenience, reprinted here: BOA board steps down for UOB team Published on Jul 28, 2004 Bank of Asia?s board of directors has stepped down to make way for a new management team from Singapore?s United Overseas Bank, the company said yesterday. The move came yesterday after the bank?s board met to approve wholesale changes in its management structure. Chavalit Thanachanan will be replaced as chairman by Wee Cho Yaw, and Chulakorn Singhakowin will be replaced as president and CEO by Wong Kim Choong. Chua Teng Hui will serve as deputy president and deputy CEO of the bank. Wee Cho Yaw, the new chairman, also serves as chairman of UOB in Singapore. His son, Wee Ee Cheong, is deputy chairman. They come from a legendary banking family that could be regarded as the Singapore?s equivalent of Chatri and Chartsiri Sophonpanich of Bangkok Bank. Other directors who resigned yesterday were Jan Peter Schmittmann, Paul DC Lembrechts, Gerald Joseph Letendre Jr, Herman Mulder and James Parks Stent. UOB agreed to acquire Bank of Asia from Dutch bank ABN Amro Bank for Bt22.02 billion. Yesterday, the board also appointed Deloitte Touche Tohmatsu Corp Restructuring Co Ltd to be the bank?s independent financial adviser. The company will render its opinion on the tender-offer document which UOB intends to prepare and deliver to all shareholders. Link to comment Share on other sites More sharing options...
think_too_mut Posted July 28, 2004 Report Share Posted July 28, 2004 Gone...not any more: Amsterdam, 27 July 2004 ABN AMRO completes sale of Bank of Asia ABN AMRO today announced it has completed the sale of its 80.77% stake in Thailand based Bank of Asia to United Overseas Bank (UOB). The agreement for the sale and purchase of Bank of Asia was previously announced by ABN AMRO and UOB on 12 May 2004. UOB has paid THB 5.35 per share in cash or total cash consideration of THB 22,019 million (EUR 442 million) for the stake. The sale of its stake in Bank of Asia is in line with ABN AMRO's strategy to allocate its resources to those markets generating the highest possible benefits for its clients and shareholders and should also be seen in the context of the Financial Master Plan in the Thai banking sector. ABN AMRO remains committed to the Asian-Pacific markets, in Thailand by maintaining its branch presence in order to serve its corporate and institutional clients. Link to comment Share on other sites More sharing options...
samak Posted July 29, 2004 Report Share Posted July 29, 2004 think_too_mut said:Anyone on the board who was in LOS in 1997? What happened to people's money in the banks that sunk? Lost their savings? mainly finance companies (i can recall over 40) were closed/went bankrupt; those are not typically retail banker with a lot of saving accounts. several banks were taken over or have merged; account holders did not loose anything Link to comment Share on other sites More sharing options...
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