HK Bank gets Thai nod

HONGKONG Bank has been awarded licences to open two provincial international banking facilities (PIBFs) in Thailand, supplementing its branch operation in Bangkok.

Under Bank of Thailand guidelines, PIBFs are allowed to lend a minimum of US$500,000 per transaction, with restrictions on local currency lending of one billion baht (about HK$312 million) per office.

Hongkong Bank's PIBFs will offer trade finance, foreign exchange and investment banking services, retail products, credit cards and Hexagon - the HSBC Group's global electronic banking service.