Australian banking giant ANZ has received a full banking licence in Thailand, which will allow it to upgrade its presence from a representative office to a subsidiary and transact in local currency.
The bank, which opened the representative office in Bangkok in 1985, has appointed Panadda Manoleehakul – former chief executive of ANZ Philippines – as CEO of ANZ Thai CEO.
Prior to joining ANZ in 2008, she held senior banking roles across Asia with HSBC, JP Morgan Chase, Chase Manhattan Bank and Standard Chartered Bank.
The Australian lender in a press release said ANZ Thai will be an important addition to its Asia network and its activities in the GMS that already include operations in Vietnam, Cambodia, Myanmar and Laos.
ANZ CEO International and Institutional Banking Andrew Géczy said: "This is an important milestone for our super regional strategy and means we can now better connect our multi- national customers to the growing trade and investment flows across Asia with the Greater Mekong.
"Panadda built a strong, growing franchise for ANZ in The Philippines and has been instrumental in the process to gain our banking licence in Thailand. I’m pleased ANZ will continue to benefit from her experience and leadership as she continues to drive our expansion into Thailand," Géczy added.