Bangkok, Thailand, October 30, 2012—IFC,
a member of the World Bank Group, is providing US$200 million in financing
to Krungsri (Bank of Ayudhya),
Thailand’s fifth-largest commercial
bank, to increase lending to small and medium enterprises. The financing
will help create employment and income opportunities that contribute to
Thailand’s overall economic growth.
The funding will focus on local enterprises,
especially small and medium enterprises looking to expand and contribute
to the country’s export growth. The financing package is part of IFC’s
Thailand flood response strategy that complements the government’s efforts
to help local businesses recover from last year’s devastating floods.
“Krungsri is pleased to begin this
partnership with IFC to support small and medium enterprises, a key growth
area for the bank and a critical component of the Thai economy,” said
Krungsri President & CEO Mr. Mark Arnold.
“IFC’s support to Krungsri reflects
our countercyclical role: we provide financing when and where the private
sector needs it most,” said Serge Devieux, IFC Director for Financial
Markets in the region. “Krungsri is a leading bank in Thailand with a
strategic focus on small and medium enterprises and retail segments. Our
partnership will help meet these businesses’ critical need for financing
amid challenging global market conditions. This is the first step in our
partnership and we look forward to further collaboration with Krungsri.”
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
Krungsri (Bank of Ayudhya Plc) is the fifth-largest commercial bank in
Thailand, with 67 years of history in the country. The Bank provides a
comprehensive range of banking, consumer finance, investment, asset management,
and other financial products and services to individual consumers, SMEs,
and large corporations through its 605 branches and over 16,000 service
outlets nationwide. Krungsri is the largest card issuer in Thailand, with
5.5 million accounts (credit cards, sales finance, and personal loans)
in its portfolio, a major automobile financing service provider (Krungsri
Auto), the fastest growing asset management company (Krungsri Asset Management),
and a pioneer in microfinance through CFG Services. For more information
please visit www.krungsri.com.