GavinK
Crazy Mango
Posts: 101
Likes: 55
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Post by GavinK on Jan 12, 2017 11:13:35 GMT 7
News came via email from Standard Chartered today. Happening this year. Not much of a surprise, just a bit disappointing since I find Standard Chartered to be one if the better ones for customer service.
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Post by Fletchsmile on Jan 12, 2017 13:25:28 GMT 7
Yes my daughter got the same email today in Thai. Nothing yet for me though That said I was aware of it from rumours a while back, and then confirmations on Bloomberg etc just before Xmas. Nothing from SCBT though until today Not really looking forward to it to be honest as it took me a while to set up things with Standard Chartered the way I wanted them. eg various accounts, investments, joint accounts, investments accounts in kids name by mum, accounts in kids name by dad, etc etc. I know some of these are no longer available to new clients and know some Thai banks don't offer how I want them Two things I hope: 1) I get to keep my RM and she stays - as she's excellent 2) Hopefully Tisco can upgrade the poor system side of things that SCBT has in Thailand
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Post by Fletchsmile on Jan 12, 2017 13:26:22 GMT 7
From Bberg just before Xmas =============================== Standard Chartered to Exit Thai Retail Banking Next Year by Anuchit Nguyen December 22, 2016, 12:36 PM GMT+7 December 22, 2016, 4:54 PM GMT+7 Operation set to be transferred to Thailand’s Tisco Financial Net asset value of business is about $153 million: filing Standard Chartered Plc plans to transfer its Thai retail-banking business to Thailand’s Tisco Financial Group Pcl next year, exiting an operation that the U.K. lender said lacked the scale to generate adequate returns.
The net asset value is about 5.5 billion baht ($153 million), according to a stock exchange filing by Tisco on Thursday, which didn’t disclose a price for the deal. Tisco shares climbed to a record.
Standard Chartered will continue to operate corporate, institutional and commercial banking businesses in Thailand, but the small size of the retail operation made it “increasingly difficult to achieve the returns that we aspire to,” the lender’s Thai head, Plakorn Wanglee, said in a press release.
“It’s very tough to survive in Thailand’s retail-banking business for small players with very fierce competition,” Isara Ordeedolchest, an analyst at SCB Securities Co. in Bangkok, said by phone. “The outlook for banks should improve significantly in 2017 as a consumption recovery and higher government spending will spur economic growth.”
The Asia-focused Standard Chartered is targeting a turnaround after last year posting its first annual pretax loss since 1989. In a sign that the Thai operations were not a bright spot, the bank in February recorded a $126 million goodwill impairment on its business in the country.
One unit of Tisco Financial, Tisco Bank Pcl, will take over operations including personal lending, mortgages and deposits, while another, All-Ways Co., will take over the credit-card business, the exchange filing said. The deal is subject to approvals.
Tisco’s shares closed 2.2 percent higher at a record 58 baht in Bangkok.
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Post by Fletchsmile on Jan 12, 2017 13:28:39 GMT 7
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Post by Fletchsmile on Jan 12, 2017 13:31:09 GMT 7
Tisco takes over Standard Chartered’s Thai retail banking businessDecember 22, 2016 14:12 By The Nation 20111 Tisco Financial Group has agreed to buy the retail banking business of Standard Chartered Bank (Thai) to strengthen its own retail banking business and increase opportunity to expand customer base, it reported to the Stock Exchange of Thailand ... www.nationmultimedia.com/news/breakingnews/30302635
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Post by Fletchsmile on Jan 30, 2017 16:58:40 GMT 7
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Post by rgs2001uk on Jan 30, 2017 21:14:59 GMT 7
^^^^ deja vu all over again, same same HSBC.
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Post by Fletchsmile on Feb 1, 2017 16:11:14 GMT 7
^^^^ deja vu all over again, same same HSBC. Yep. HSBC are a bit smarter though and saw the writing on the wall earlier
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Post by rgs2001uk on Feb 1, 2017 20:38:16 GMT 7
^^^^ deja vu all over again, same same HSBC. Yep. HSBC are a bit smarter though and saw the writing on the wall earlier No comment.
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Post by Fletchsmile on Apr 3, 2017 21:50:43 GMT 7
Article in today's Bangkok Post about SCBT/Tisco credit cards ===================================================================== Tisco devises retention plan to satisfy SCBT cardholdersNEWSPAPER SECTION: BUSINESS | WRITER: SOMRUEDI BANCGONGDUANG Tisco Bank will maintain all privileges offered by Standard Chartered Bank Thai (SCBT) credit cards until the second half of next year in an effort to retain cardholders. "Some privileges may be adjusted six months after the credit card portfolio is transferred to meet overall customer demand," said Sakchai Peechapat, president of Tisco Financial Group, a holding company under Tisco Bank. contd. www.bangkokpost.com/business/finance/1226044/tisco-devises-retention-plan-to-satisfy-scbt-cardholders
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Post by Fletchsmile on May 19, 2017 14:59:54 GMT 7
Just a couple of updates on this: - Tisco won't be keeping Stan Chart Head Office branch at Sathorn. Tisco Head Office is a few hundred yards down the road on North Sathorn Road - Tisco doesn't want to take on FATCA related customers, so US citizen accounts will get closed. Letters have gone out to this affect. They don't specifically refer to US citizens, but that's the rationale behind it - If you're looking for certain types of products with Stan Chart some will be discontinued with Tisco. For other products there are cut-off dates to help smooth the transition. eg Mortgage Link will be discontinued. If you want a mortgage via Mortgage One you probably need to get the application in by May/June Cheers Fletch
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Post by Fletchsmile on Jun 21, 2017 15:03:02 GMT 7
Was talking to our RM this morning. A couple of things worth noting for SC customers:
The good news is that all our investments/ funds will be automatically taken on by Tisco. StanChart has one of the widest range of asset managers it uses so that's good news.
However, inward and outward remittances from overseas will be a problem - Tisco won't be offering this.
So, if you want to transfer money into and out of Thailand, you'll need to route it thru another bank. As this is key for many expats, it would pay you to start shopping around for alternatives now.
It'll also be a shame to lose the free international transfers benefit between SC accounts in differen countries for priority banking clients. Tisco also sets its Priority Banking equivalent at THB 5mn instead of SC's THB 3mn.
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Post by Fletchsmile on Aug 9, 2017 20:16:56 GMT 7
Went into SCBT Head Office today to follow up on the various letters we'd received. Basically you have to go into your branch and sign loads of forms for the handover. Took us about 3 hours for them to print everything off, and us to sign everything! They have Tisco staff allocated to the branch who prepare all this. We've quite a lot of accounts across 4 different people, joint accounts, single names, kids by mum, kids by dad, mutual funds for all of us etc. Made me realise that we have set things up quite nicely with SCBT to achieve what we want for the family over the years. Unfortunately it looks like Tisco will be a step backwards They don't have internet banking which is a major negative. (Although they do have mobile banking). Mortgages are apparently new to them, and we sort that out in October. For joint bank accounts they issue only one ATM card. As we use our joint account for our main day to day spending, I guess we're supposed to pass the ATM card back and forth between us, or fight for it before going out
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Post by rgs2001uk on Aug 9, 2017 21:13:59 GMT 7
^^^^ been there done that, HSBC RIP.
I went from eating a steak to eating hotdogs, what an eyeopener.
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Post by rgs2001uk on Aug 9, 2017 21:23:58 GMT 7
^^^ as a follow on from the above, I was offered Priority Banking Service at a branch on Wireless Rd, couldnt be assed with the travel/hassle, asked if it would be ok to open an account at my local branch in Bang Kapi, no problem I was told.
Entered local branch, was told must have X Y and bloody Z to open an account, even tried to flog me some worthless bloody insurance policy which I didnt need nor want.
Sollee mister can not do, hang on a minute sister, called the relationship manager and explained what was taking place. It was like something from Fawlty Towers, or an exercise in Thainess, conversation went something like this after I handed the manageress my phone and told them to talk to HQ in Wireless Rd.
Ka, ka ka, followed by ja ja ja ja, khop khun ka, someone just got their ass chewed out, wouldnt even look me in the eye, handed my phone back to the counter staff and told them, pert banchee dai, can open the account.
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