HSBC Thailand aims to raise fresh funds and secure an additional licence in preparation for local business expansion in line with the country's economic growth.
The bank is in the process of increasing its capital by 3.1 billion baht to 25.7 billion, said chief executive Giorgio Gamba.
In addition, the bank is applying for a new business licence from the regulator to strengthen its existing business, he said. HSBC Thailand operations cover three core areas: wholesale banking business, market and securities service, and private banking business.
High net worth individuals with minimum assets under management (AUM) of US$2 million, local corporations and international companies are the bank's key customer base.
In 2023, HSBC Thailand aims to achieve aggressive business growth, in line with Asean and Thai GDP growth.
The bank forecasts economic growth of Asean countries in a range of 2.1-5.8%, while Thai GDP growth is estimated at 4.1%, mainly driven by the tourism recovery and improvements in domestic demand for both private consumption and foreign direct investment, Mr Gamba said.
For the wholesale banking business, the bank focuses on both local firms that want to expand abroad and international investors that want to invest in Thailand.
The bank offers a full range of financial services and solutions in terms of both inbound and outbound investment to respond to customer requirements, backed by its global presence.
"As Thailand is a regional hub and HSBC Thailand has long-term experience and business expertise, we are aiming to maintain the No.1 position for inbound international business in the Thai market," he said.
"The bank also plans to expand outbound investment."
Chinese, US and UK investors have expressed interest in Thailand, particularly in advanced manufacturing, e-commerce and renewable energy, said Mr Gamba.
Local business operators are looking to invest in Asean and international markets, such as Vietnam, Indonesia, China and the Middle East.
He said HSBC Thailand plans to expand digital banking services for corporate customers, striving to be the top foreign bank in this service area in the Thai market.
Mr Gamba noted Thailand is at the forefront of digital payments, part of a trend throughout Asia.
"Consumers in Thailand topped the list with 94% using digital payments across multiple forms, including QR codes and wallet payments," he said.
Wealth and private banking is the newest financial service from HSBC Thailand, launched in 2021.
The bank has been expanding the segment because of the growth of Thai wealth. The AUM of wealthy Thais is expected to grow to $548 billion by 2025, an increase of 12.4%, said Mr Gamba.
HSBC Thailand grew its private banking business by 200% in 2022, and it expects to maintain solid growth this year in terms of both AUM and customer base.