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Baht/$ 33.60/68 (Bid/Ask)
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GOLD |
13,350
+ 300
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CONSUMER FINANCE
SOMRUEDI BANCHONGDUANG
Citicorp Leasing (Thailand) Ltd, a unit of Citi Thailand, has introduced its new CitiAdvance consumer finance brand in a push to expand its auto leasing, personal credit, business loans and financial advisory services.
Citicorp aims to boost its customer base to 500,000 accounts in three years from 150,000 now, largely through growth in personal loans, said company director Shahnawaz Lalani.
Target clients include Bangkok residents earning at least 10,000 baht per month as well as provincial workers earning more than 7,000 baht per month.
The company plans to open five CitiAdvance outlets this year to promote the new service brand. All 47 existing Citiloan branches would also be rebranded to use the new CitiAdvance name.
Mr Lalani said Citicorp's expansion plans would not overlap with its parent bank, one of the largest credit card and personal credit operators in the country.
''With 10 million customers in Thailand's consumer finance market, the market is large enough for both Citi and Citicorp,'' he said. Citi currently claims a market share of 10 to 12% of the consumer finance market.
For Citicorp's personal loan products, terms are for up to 60 months with a maximum loan of 500,000 baht. Interest rates and credit usage fees are based on a pricing tier from a minimum rate of 19% per year. Auto loans, meanwhile, are priced at a flat rate of 5.22% per year, while business loans, targeted at small- and medium-sized companies with sales of over five million baht per year, are charged an effective interest rate of 15% per year.
Citicorp, which first opened in Thailand in 1985, received regulatory approval to offer personal credit services after the 1997 financial crisis.
Tohphan Tuchinda, director of public affairs for Citi Thailand, said the expansion is aimed at widening network presence. Citi, as a foreign bank, is limited to a single branch in Thailand. Citicorp, as a non-bank consumer finance operator, does not have that restriction.
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