Finance One's salvation?

Article Abstract:

The Thai government may have to look for another solution to rescue Finance One PCL, as the government-sanctioned merger with Thai Danu Bank PCL was rejected by the bank itself. The collapse of Finance One was due to an aggressive growth strategy that resulted in bad property loans and stock-market investments. The Thai Central Bank has ordered Finance One's management to increase its paid-up capital from 4.14 billion baht to 12.42 billin baht, which company officials claim should be more due to commitments on a $120 million Euroconvertible debenture.

Securities Dealers, Investment Banking and Securities Dealing, Security brokers and dealers, Management, Financial services industry, Financial services, Economic policy, Securities industry, Financial markets, Finance One PCL

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Rescue effort for BBC

Article Abstract:

The Thai government's rescue plans for the Bangkok Bank of Commerce entails turning over the bank's management to the Industrial Finance Corp. of Thailand. Bangkok Bank accumulated as much as $3.2 bil. in bad loans, and the management turnover would result in the Thai central bank absorbing as much as $1.82 bil. of these loans. The bad loans were a result of 'crony capitalism' in which bank officials approved loans of business or political friends with little or no collateral.

Asset Accounting, Finance, Assets (Accounting), Bangkok Bank of Commerce Ltd.

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