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Land & Houses bank to open early in 2006.
Aug. 5--Land & Houses Plc, the country's largest residential property developer, expects its new retail bank subsidiary to begin operations in early 2006 with a focus on home-mortgage lending.
The company expects the merger of Land & Houses Credit Foncier and Book Club Finance to be completed over the next several months, with a new retail banking licence approved by regulators by the end of the year.
Anant Asavabhokhin, the president and chief executive of Land & Houses, said that once the merger was complete, Book Club would be delisted from the Stock Exchange of Thailand.
He expressed confidence that the new bank could succeed despite the heavy competition in the financial services sector.
"If we didn't already have a strong customer base in our hands, we wouldn't think of running a bank," Mr Anant said.
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Source: HighBeam Research, Land & Houses bank to open early in 2006.