History
Standard Chartered Bank has been in Thailand since 1894 when the Chartered Bank of India, Australia and China first established a branch in Bangkok.
In 1999, Standard Chartered acquired 75% of the shares of Thailand's Nakornthon Bank for THB 12.377 billion (GBP 193 million). Twenty-five per cent of the shares are held by the Financial Institutions Development Fund, a fund established by the Bank of Thailand, which has recapitalised Nakornthon to approximately THB 7 billion (GBP 109 million). Nakornthon Bank was established in 1933 under the name Wang Lee Chan Bank, but changed its name to Nakornthon Bank in 1985. After the acquisition, Standard Chartered changed the bank's name to Standard Chartered Nakornthon Bank. At the time of the acquisition, Nakornthon Bank, with 67 domestic branches, was the second oldest Thai bank. With assets of approximately GBP 1 billion, it ranked 12th out of 13 Thai commercial banks by asset size.
In 2005 Standard Chartered merged its Bangkok branch into Standard Chartered Nakornthon Bank, and renamed the new entity Standard Chartered Bank (Thai) PCL.
Read more about this topic: Standard Chartered Thailand
Famous quotes containing the word history:
“I believe my ardour for invention springs from his loins. I can’t say that the brassiere will ever take as great a place in history as the steamboat, but I did invent it.”
—Caresse Crosby (1892–1970)
“Systematic philosophical and practical anti-intellectualism such as we are witnessing appears to be something truly novel in the history of human culture.”
—Johan Huizinga (1872–1945)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)