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Basel, Switzerland, accord could help Thai asset managers.
Byline: Darana Chudasri
Oct. 5--The new international banking capital accord to take effect in 2006 should bolster business prospects for local asset management companies.
The Basel II accord is a framework that will stipulate how banks set aside capital for different types of assets and risks.
Bunyong Visatemongkolchai, the president of Bangkok Commercial Asset Management (BAM), noted that financial institutions in the future would see their capital requirements for non-performing loans increase under the new framework.
As a result, more institutions would likely seek to dispose of their distressed assets faster to minimise the impact on their capital base, offering expanded opportunities for asset management specialists such as BAM.
The state-owned BAM was established in the late 1990s to oversee distressed assets from the defunct Bangkok Bank of Commerce. The agency has since expanded its mandate to purchasing assets from other financial institutions.
Mr Bunyong said the company was now in talks with other state-owned financial institutions to automatically purchase loan assets more than 12 months past due.
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