www.bangkokpost.com - The state-run Islamic Bank of Thailand has set a goal to be among the top three Islamic banks in Asia with asset size of 300 billion baht within the next five years, said president Dheerasak Suwanyos.
The target is ambitious considering it has been in business for only 10 years. At present, Maybank Group is the largest Islamic bank in Asia with assets of 200 billion baht, followed by CIMB Bank and RHB Bank. All three are based in Malaysia. (source)
Mr Dheerasak said to achieve the target, the IBank hopes to increase its assets by 25 billion baht a year until 2017 from 114 billion baht today.
The growth will come from new products aimed at the mass market, including micro to medium-sized businesses. Its products will come in all sizes and types, from loans starting from 10,000 baht to 1 million baht, and from personal loans to mortgages and corporate loans.
Multi-level marketing will also be used to speed up loan growth.
"We also invested 1.7 billion baht in upgrading the core banking system to cope with the different requirements of a wide array of loans. This will help speed up applications and services while cutting costs," said Mr Dheerasak.
This year, the bank aims to change its portfolio to 45% retail, 40% SMEs and 15% corporate loans.
Source :http://www.bangkokpost.com/business/economics/279129/ibank-aims-to-break-into-asia-top-three - Feb 10, 2012
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