The Small and Medium Enterprise Development Bank of Thailand (SME Bank) has taken the unusual step of asking the Finance Ministry to compensate it for bad debts caused by the government's public service initiatives.
A vendor makes his way pastSMEBank headquarters on Phahon Yothin Road in Bangkok on Tuesday. In a shock move, the bank has asked the Finance Ministry to compensate it for NPLs stemming from lending under the government’s public service policies. THITI WANNAMONTHA
Executive chairman Pichai Chunhavachira said the move would immediately eliminate about 18% of its non-performing loans (NPLs).
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