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New bank opens its doors: High rates offered to attract deposits.
Byline: Nuntawun Polkuamdee
Oct. 3--Kiatnakin Bank (KK), the country's newest commercial bank will begin operations today, with a strategy to offer high deposit rates to attract long-term savings.
The bank, formerly Kiatnakin Finance Plc, one of a number of finance and credit foncier companies given approval to upgrade to full-service or retail banks, is now offering offering 4 percent interest for four-year fixed deposits, 25-50 basis points higher than what other banks offer.
Thitinan Wattanavekin, head of treasury and funding at KK Bank, said the strategy would have minimal risks from the mismatching of funds between deposits and loans.
Currently, half of the bank's loan portfolio, which stood at 34 billion baht at the finance company last ...
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