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Bangkok, Thailand, May 29, 2012—
IFC, a member of the World Bank Group, is providing financing to TMB Bank Public Company Ltd. in Thailand to increase lending to small and medium exporters affected by last year’s floods, helping them revive their businesses and create jobs at a time when U.S. dollar liquidity is tightening.
The $100 million loan to TMB is part of IFC’s multi-phase Thailand Flood Response Strategy, which complements the government’s post-flood stimulus program by providing export-oriented businesses with funding through local banks. In the first phase, IFC will offer immediate liquidity to businesses in flood-affected areas, especially small and medium enterprises, helping them expand their operations, buy new machinery or hire workers.
“TMB is proud to partner with IFC as an intermediary in an endeavor to empower small and medium enterprises to operate with higher efficiency and increase their competitiveness,” said Boontuck Wungcharoen, Chief Executive Officer of TMB. “It enables businesses to do their part to improve the Thai economy through job creation, income generation, and social development.”
Thailand’s export-oriented economy rebounded strongly in the first quarter after shrinking late last year because of the floods. However, the World Bank says the global economic slowdown could reduce Thai exports this year.
“IFC’s support to TMB reflects our countercyclical role in helping address financing gaps for small and medium enterprises,” said Karin Finkelston, IFC Vice President for Asia Pacific. “As a leading bank in Thailand with a strategic focus on small companies, our partnership with TMB will deliver critical support for these businesses amid challenging global market conditions, helping them grow, create jobs, and sustain the economic recovery.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About TMB Bank Public Company Limited
Guided by its Make
THE
Difference philosophy, TMB aims to improve the lives of banking customers and empowers them to achieve their financial goals through its efficient transactional banking service in the easiest and most convenient way. TMB responds to the needs of clients through its 460 branch network, 82 foreign exchange centers 2,353 ATMs, as well as electronic banking systems. Its business encompasses commercial banking, offshore banking, investment banking, and other businesses, including bancassurance. Listed on the Stock Exchange of Thailand, TMB is the country’s 7th largest commercial bank, with an asset size of THB695.27 billion as at 30 March 2012. For more information, visit
www.tmbbank.com
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