LH Bank embarks on trade finance, to offer integrated services to both exporters and importers in light of continued growth in Thailand’s exports and imports. By setting the goal to be 1 of the leader in Trade Finance services provider in Thailand. Supporting the new service is the expertise and extensive network of its Taiwanese partner, CTBC Bank, which has presence in over 14 countries.
Mr. Li, Ming-Shieh, a director of LH Bank, said trade finance will complete LH Bank’s service portfolio and he is confident that the new service will contribute huge business volume to the bank and lead the bank towards rapid growth. LH Bank's Trade Finance service will use the strengths of services and networks of CTBC Bank to provide services. The first stage will focus on CTBC Bank’s customer base and LH Banks’ customers with foreign transactions and the target will be later expanded to cover new clients, including those from China. The service marks the synergy of both organizations’ expertise, which will enhance LH Bank Group’s competitiveness and allow the group to meet international standards and better address customer demands.
LH Bank’s trade finance will be supported by the expertise and strengths of CTBC Holding Group which owns CTBC Bank. CTBC Bank is the largest private bank in Taiwan. At the end of third quarter of 2018, the bank’s combined assets were over Bt4.2 trillion, while its major shareholder’s assets totaled Bt6 trillion. Its operations cover 111 outlets in 14 countries. It is rated “A2” by Moody’s Investors Service and its achievement is affirmed by “Best Trade Finance Bank in Taiwan Award” by The Asian Banker Magazine and “Best Bank in Taiwan Award” by Asia Money Magazine.
Ms.Sasitorn Phongsathorn (Chatsirivichaikul), Chief Executive Officer and President of Land and Houses Bank Public Company Limited (LH Bank), added that the bank’s trade finance offers a lower fee and interest rate. The service also comes up with a quick process and supports from CTBC Bank’s 111-outlet network.
“We’re confident that LH Bank will be a new trade finance provider that can satisfy our clients. We will achieve rapid growth and become one of 10 trade finance providers within 5 years,” she said.
LH Bank offers various and integrated trade finance services: for imports, Import Letter of Credit, Import Bills for Collection, Trust receipt, Shipping Guarantee and Outward Remittance; and for exports, Export Letter of Credit, Assignment of Proceeds, Export Bills for Collection, Packing Credit, Export Bill Financing, Inward Remittance, Letter of Credit and Standby L/C. Initially, the bank ‘s services will be denominated in US dollar and other currencies will be introduced in the near future.
LH Bank adopts an offensive policy in providing trade finance, banking on the strengths of CTBC Bank which is a proven expert in this area. The service is introduced in light of continued growth in Thailand’s exports and imports. For success, the bank’s strategy is emphasized on good and fast service, a sizeable credit amount, and appropriate interest rate and fee. The service combines the expertise of two organizations, to enhance LH Bank Group’s competitiveness and allow the group to meet international standards and better address customer demands.