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BNY Mellon wins Bangkok Bank mandate

BNY Mellon will provide a range of administration services to Bangkok Bank to create a single-source global custody solution.
BNY Mellon Asset Servicing has been chosen as the overseas custodian of Bangkok Bank.

Chong Jin Leow, head of Asia at BNY Mellon Asset Servicing, says Thailand has been stepping up efforts to develop its offshore investment capabilities and opportunities are opening up across the country.

BNY Mellon has had business interests in Thailand for over 18 years and opened its representative office in Bangkok in 1990.

BNY Mellon will provide a range of administration services to Bangkok Bank to create a single-source global custody solution. Bangkok Bank will act as the local trustee to its underlying Thai institutional clients investing overseas.

Bangkok Bank is the largest bank in Thailand, with over 700 branches across the country. It is also one of the major regional banks in Southeast Asia, with an overseas network of 19 branches, one representative office and a wholly owned subsidiary located in 13 countries namely China, Hong Kong, Japan, Indonesia, Singapore, Malaysia, Vietnam, Taiwan, Laos, Myanmar, the Philippines, the United Kingdom and the United States.

In Thailand, the opportunities to increase offshore investments have come in several forms.

The Bank of Thailand has approved an additional $12 billion quota for overseas investments for the country as a whole, and this includes the share of fund houses, insurance companies, and securities firms. Because of this additional quota, the opportunity for local investors to diversify into a whole range of overseas products is considerable and many fund managers who were focusing mainly on local investments can now offer more offshore products.

The Securities and Exchange Commission has also allowed private funds managed by fund houses in Thailand to invest overseas up to $50 million for institutional investors and up to $5 million for individual investors. In the past, private funds were not allowed to invest overseas.
¬ Haymarket Media Limited. All rights reserved.
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