ANZ has announced a milestone in its regional strategy with the approval of a full banking licence by Thailand’s finance ministry.
ANZ Thai launched this week to support the bank’s growing trade and investment flows to and from the south-east Asian hotspot.
The new branch will operate from Bangkok’s financial district and is an addition to ANZ’s already established Asia network that includes hubs in Vietnam, Cambodia, Myanmar and Laos.
“This is an important milestone for our super regional strategy and means we can now better connect our multi-national customers to the growing trade and investment flows across Asia with the Greater Mekong,” ANZ chief executive of international and institutional banking, Andrew Géczy, said.
“Thailand already accounts for almost 65 per cent of Greater Mekong’s GDP and its trade with ASEAN countries totals around $US97 billion.
“Along with Thailand’s position as a key manufacturing hub for the region, these growing connections to its ASEAN neighbours and our home markets of Australia and New Zealand makes it an important market for our super regional franchise.”
Former ANZ Philippines CEO Panadda Manoleehakul will front ANZ Thai as its CEO, bringing over 25 years’ worth of corporate and institutional banking experience to the role.
“Panadda built a strong, growing franchise for ANZ in the Philippines and has been instrumental in the process to gain our banking licence in Thailand,” Mr Géczy said.
“I’m pleased ANZ will continue to benefit from her experience and leadership as she continues to drive our expansion into Thailand."