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BANKING
Sale to Macquarie doesn't change goal
SOMRUEDI BANCHONGDUANG
TMB Bank is looking to acquire a new securities licence following its recent sale of TMB Macquarie to its Australian partner.
Boontuck Wangcharoen, the TMB president, said the securities business was a necessary component of the bank's goal to be a full-service, universal bank.
He said the bank could acquire a securities licence or take a major shareholding in an existing broker.
No timeframe has been set for an acquisition.
''We want to be a majority shareholder of a new securities company and have enough management control. Under the universal banking concept, TMB needs to have the ability to provide a full-range of financial services,'' Mr Boontuck said.
TMB, the country's sixth-largest bank, announced last month it would sell off its 51% stake in TMB Macquarie to Macquarie International Holdings.
Macquarie meanwhile will divest TMB Macquarie's retail brokerage operations to Syrus Securities and refocus the brokerage on institutional and corporate business. The transaction is projected to be complete early this month.
Regarding TMB's asset management units, Mr Boontuck said the bank had yet to finalise its position regarding TMB Asset Management and ING Funds (Thailand).
''The bank needs to conclude its business positioning first, then consider the most suitable business model,'' he said.
TMB executives have suggested that TMBAM and ING Funds could be merged together to eliminate overlap and increase synergies.
Mr Boontuck said the two fund managers each had strong brands catering to different markets.
TMBAM was a leader in passive index funds and highlighted straightforward, convenient products, while ING focused more on actively-managed, complex funds.
Mr Boontuck said that under a customer-centric philosophy, the bank's focus in any decision was on the needs of its customer base and the services required to meet those needs.
TMB, 26% owned by the ING Group, would also sell off 20 billion baht in non-performing loans and 10 billion in non-performing assets by the end of the year as part of a plan to clean up its balance sheet. The bank also hopes to open up to 40 new branches this year, complementing the 473 outlets now in operation.
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