Bank of Ayudhya Ltd. is looking to capture a much greater share of the Thai credit card market following its recent acquisition of HSBC’s Thailand operations.
In late January, the Bangkok-based bank announced that it had acquired HSBC’s Thai businesses for 3.56 billion baht (US$112 million or 84 million euros), including its retail and wealth management units.
“The acquisition of the retail business has added 500,000 credit cardholders to our card portfolio under Krungsri,” a card-business unit of the bank, a spokesperson for Bank of Ayudhya says.
Krungsri Credit Card is the one of the four business units that Bank of Ayudhya has in Thailand along with Ayudhya Capital Services, Tesco Card Services and General Card Services, according to the spokesperson.
“The HSBC acquisition has also added about 9 billion baht in card debt to Krungsri,” he says, adding that the bank expects to have a total of 5.5 million cardholders by the end of 2012.
The transfer of HSBC credit cardholders would be complete by the end of November, along with about 300 personnel from HSBC’s card unit, the spokesperson adds. “More importantly for our portfolio, we will integrate HSBC credit card marketing programs and promotional campaigns by April,” he says.
Marketing programs and promotional campaigns will help the bank secure more cardholders for the Krungsri unit, the spokesperson says.
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