Rules for banks under Asean accord

Lenders must submit their applications to the Bank of Thailand (BoT) to become a qualified Association of South-East Asian Nations (Asean) bank or QAB, Thailand’s Ministry of Finance said in rules notified in the Royal Gazette.

BANGKOK: Malaysian banks seeking to operate in Thailand under a regional accord can open as many as 40 branches and should have at least 15 billion baht (US$455mil or RM1.89bil) in capital, according to rules unveiled yesterday.

Lenders must submit their applications to the Bank of Thailand (BoT) to become a qualified Association of South-East Asian Nations (Asean) bank or QAB, Thailand’s Ministry of Finance said in rules notified in the Royal Gazette.

They will also have to secure approvals from the central banks in both the jurisdictions, and the Thai finance minister.