GSB to inject 3 billion baht into local exchangeOctober 15th, 2008 - 4:19 pm ICT by Amrit Rashmisrisethi
Government Savings Bank (GSB) will allot three billion baht to invest in the local stock market in line with the government’s economic stimulus policy, while the bank’s chief insisted the state-run bank was not affected by prevailing Western financial crises.
The bank’s director, Mr. Lersuk Chuladesa, President and chief executive officer (CEO), (Government Savings Bank (GSB) said today (October 15) that the bank’s executive board approved BSB to allocate three billion baht to invest in the Krueng Thai Thanawat open-ended fund, jointly established by GSB and another state-run Krung Thai Bank, in an attempt to shore up Thai stocks which were adversely affected by prevailing Western financial crises.
However, he said that GSB had to cooperate with the Ministry of Finance, the Stock Exchange of Thailand and Krung Thai Asset Management Plc, the fund’s manager, before beginning the investment.
Regarding government’s policy wanting specialized state-run financial institutions to expand credit, Mr. Lersak said GSB has done so. During the first eight months of this year, the bank granted loans amounting to about 50 billion baht, 90% of which was extended to small borrowers in a bid to help people to be in good living. He also said that GSB was not affected by prevailing Western financial crises.
Source : National News Bureau, Public Relations Department of Thailand