Deutsche Bank says Thailand among fastest-growing markets
Global banking heavyweight Deutsche Bank said it is planning on investing in new services to boost its local corporate business in Thailand and called the Kingdom one of its fastest-growing markets in the region.
“Our strategy is to expand more among local corporations, as Thai corporates are strong and are acquiring businesses outside of Thailand,” said Pimolpa Suntichok, Deutsche Bank’s newly appointed Chief Country Officer for Thailand.
Headquartered in Frankfurt, Germany, Deutsche Bank is the 17th largest bank in the world by assets and the largest German bank. It specializes in investment banking and financial services. It has operations in 58 countries, most of them in Europe, the Americas, and Asia.
Chandra Mallika, Chief Operating Officer for Asia-Pacific at Deutsche Bank, said the region is an essential pillar of the bank’s global business. Deutsche Bank operates in 14 countries in Asia, including Thailand, and those countries contribute 12 percent to the bank’s global revenues.
Chandra said that in Thailand, Deutsche Bank wants to help local corporations facilitate cross-border trade with multi-currency support. Despite the slowing of the economy in Thailand and many other countries in the region, she said she is optimistic about doing business in the Kingdom.
“We don’t see big corporates canceling projects, but we do see more are cautious about investing in new things,” Chandra commented. “Some inventory is coming down in manufacturing, GDP rates are going down, and the trade war is raising concerns with no amicable solution in sight.”
Chief Country Officer Pimolpa said the time is right to provide services to Thailand’s largest corporations, as the strong local currency is providing them with more cash to invest at home and abroad.
“If you look at the top 10 conglomerates here, they are very large and going outside to expand revenue bases, get more recurring revenue and increase diversity in revenue bases,” Pimolpa said.
Photo courtesy of https://www.db.com/thailand/index_e.html