International Finance
Banking

Deutsche Bank to expand client base in Thailand

Deutsche Bank Thailand
The bank will target domestic corporations looking to invest overseas

Deutsche Bank is planning to invest in new services in Thailand in a bid to attract more local investors. The bank revealed that Thailand is one of the fastest-growing markets in Asia. The bank is planning to facilitate cross-border trading for its clients with multi-currency support.

According to Pimolpa Suntichok, Deutsche Bank’s newly appointed chief country officer for Thailand, the bank wants to attract domestic corporations that are willing to expand in foreign markets or invest overseas.

Pimolpa Suntichok told the media that, “Increasingly we are seeing more European clients looking to set up supply chains in Thailand, particularly in the automotive industry, and trade finance is benefiting from this. We are also seeing Thai clients with offshore operations wanting more local day-to-day support to improve the efficiency of working capital.”

She added, “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. Our strategy is to expand more among local corporations, as Thai corporates are strong and are acquiring businesses outside of Thailand.”

According to reports, around 70 percent of Deutsche Bank’s clients in Thailand are foreign multinationals.
Reportedly, Deutsche Bank’s European clients are also interested in investing in development projects in Thailand such as high-speed rail projects.

Recently, Deutsche Bank also came under major scrutiny as it was alleged that the bank hired more than 100 under-qualified relatives of China’s political elite to expand its business in the country.

Earlier this month, it was reported that the bank is looking to cut around 18, 000 jobs globally with half of them in its home market in Germany.

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