IFC Partners with Krungsri to Provide Financing for Small and Medium Enterprises in Thailand
Bangkok, Thailand — IFC, a member of the World Bank Group, is providing US$200 million in financing to Krungsri (Bank of Ayudhya), Thailand’s fifth-largest commercial bank, to increase lending to small and medium enterprises. The financing will help create employment and income opportunities that contribute to Thailand’s overall economic growth.
The funding will focus on local enterprises, especially small and medium enterprises looking to expand and contribute to the country’s export growth. The financing package is part of IFC’s Thailand flood response strategy that complements the government’s efforts to help local businesses recover from last year’s devastating floods.
“Krungsri is pleased to begin this partnership with IFC to support small and medium enterprises, a key growth area for the bank and a critical component of the Thai economy,” said Krungsri President & CEO Mr. Mark Arnold.
“IFC’s support to Krungsri reflects our countercyclical role: we provide financing when and where the private sector needs it most,” said Serge Devieux, IFC Director for Financial Markets in the region. “Krungsri is a leading bank in Thailand with a strategic focus on small and medium enterprises and retail segments. Our partnership will help meet these businesses’ critical need for financing amid challenging global market conditions. This is the first step in our partnership and we look forward to further collaboration with Krungsri.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
Krungsri (Bank of Ayudhya Plc) is the fifth-largest commercial bank in Thailand, with 67 years of history in the country. The Bank provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through its 605 branches and over 16,000 service outlets nationwide. Krungsri is the largest card issuer in Thailand, with 5.5 million accounts (credit cards, sales finance, and personal loans) in its portfolio, a major automobile financing service provider (Krungsri Auto), the fastest growing asset management company (Krungsri Asset Management), and a pioneer in microfinance through CFG Services. For more information please visit www.krungsri.com.
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