Tagged: Thailand

Finance to investigate former bank chief

Finance to investigate former bank chief

<p>The Finance Ministry has set up a committee to investigate the past work of former president of Islamic Bank of Thailand, Thanin Angsuwarangsi. Finance Permanent Secretary Areepong Bhoocha-oom said that the investigation will focus on employees&rsquo; petitions, which must be clarified though Thanin already resigned. Thanin's resignation after only six months in office followed employees' pressure. Over 1,400 employees signed the petition to the board, saying that a number of the president's decisions caused damage to the bank.</p>
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<p><a href="http://www.nationmultimedia.com/business/Finance-to-investigate-former-bank-chief-30209463.html" title="http://www.nationmultimedia.com/business/Finance-to-investigate-former-bank-chief-30209463.html">http://www.nationmultimedia.com/business/Finance-to-investigate-former-b…</a></p>
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Islamic Bank’s president resigns

Islamic Bank’s president resigns

<p>Thanin Angsuwarangsi has tendered his resignation as the president of Islamic Bank of Thailand, only after six months in office. The bank&rsquo;s board of directors announced that his resignation has been approved. Thanin&rsquo;s decision followed employees&rsquo; pressure. Over 1,400 employees signed the petition to the board, saying that a number of the president&rsquo;s decisions caused damage to the bank. Among the allegations, Thanin was alleged of ordering bank executives to cancel a lending and loan disbursement procedure, which affected borrowers financially and resulted in higher non-performing loans. The employees pointed out that the bank&rsquo;s NPLs rose from Bt24 billion in November 2012 to over Bt38 billion in April 2013.</p>
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<p><a href="http://www.nationmultimedia.com/business/Islamic-Banks-president-resigns-30209222.html" title="http://www.nationmultimedia.com/business/Islamic-Banks-president-resigns-30209222.html">http://www.nationmultimedia.com/business/Islamic-Banks-president-resigns…</a></p>
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Thai Islamic bank plans to up capital and sukuk

Thai Islamic bank plans to up capital and sukuk

State-owned Islamic Bank of Thailand plans to increase its capital by 7.11 billion baht (US$234.9mil) and issue a 5 billion baht sukuk, the country's first-ever Islamic bond. The bank plans to issue the 5billion-baht subordinated sukuk to increase its …

Thai Islamic bank plans to up capital and sukuk

Thai Islamic bank plans to up capital and sukuk

State-owned Islamic Bank of Thailand plans to increase its capital by 7.11 billion baht (US$234.9mil) and issue a 5 billion baht sukuk, the country's first-ever Islamic bond. The bank plans to issue the 5billion-baht subordinated sukuk to increase its …

Beef-noodle franchise to sue Islamic Bank manager

Beef-noodle franchise to sue Islamic Bank manager

The company owning the “Chaichana Halal” beef-noodle franchise has filed a lawsuit against Islamic Bank of Thailand manager Thanin Angsuwarangsi at Bangkok’s Ratchadapisek Criminal Court yesterday. This was after the manager allegedly failed to approve…

GSB keeps merger option

GSB keeps merger option

The Government Savings Bank (GSB) will continue to focus on supporting government projects, including possible mergers with the ailing Islamic Bank of Thailand and SME Bank. The bank has targeted non-performing loans (NPLs) at 1.15% of total loans this…

For SME and Islamic banks, what went awry?

For SME and Islamic banks, what went awry?

Due to complete management failure, two state-controlled banks, the SME Bank and the Islamic Bank of Thailand, are now dealing with bad loans in excess of 80 billion baht. This management failure is collective, whether it be the executives and director…

Call 191 _ Islamic Bank is bleeding

Call 191 _ Islamic Bank is bleeding

The Islamic Bank of Thailand has experienced deposit runs due to worries about its financial stability. The state-controlled bank reported some 5 billion baht worth of withdrawals over the past two weeks following reports of its weakening financial sta…