Bangkok Bank (BBL) stands ready to support its clients in navigating the high-growth ASEAN region amid global economic uncertainties. The International Monetary Fund (IMF) reports a substantial surge in ASEAN’s GDP growth, from 3.4% in 2021 to an impressive 5.7% in 2022. The region’s economic growth is anticipated to continue, with a projected 4.2% in 2023 and 4.6% in 2024, surpassing the global average of 3.4% in 2022.
Furthermore, ASEAN is expected to ascend to the position of the world’s fourth-largest economy by 2030, boasting a combined GDP of $3 trillion. The region’s emphasis on enhancing intra-regional connectivity and trade has attracted significant foreign direct investment (FDI). Following a pandemic-induced dip, regional FDI inflows rebounded by over 70%, reaching $224 billion in 2021.
BBL President, Chartsiri Sophonpanich, affirms the bank’s commitment to supporting local enterprises in their expansion endeavors within the regional markets and fostering international investments within the ASEAN region.
With its profound expertise and extensive experience in regional banking, BBL is well-equipped to guide clients through the multitude of opportunities that the ASEAN market presents, despite the ongoing global economic uncertainties. As Thailand’s largest lender and the sixth-largest bank in ASEAN, BBL boasts a robust international banking presence, operating in 14 regional economies.
Charting a strategic course forward, BBL plans to further expand its regional presence, with a particular focus on the dynamic markets of Vietnam and Indonesia. The bank’s steadfast commitment to risk management ensures the maintenance of a balanced loan portfolio, representing 25% of its total loans, dedicated to international banking business. This approach underpins the stability and sustainability of BBL’s regional endeavors.
While BBL currently has no immediate plans for additional branch expansions or bank acquisitions within the region after its acquisition of PT Bank Permata in Indonesia in 2020, its existing footprint solidifies its position as a significant player within the ASEAN banking landscape.