THAI banking appears to have turned a corner - even if it is too soon to throw a street party in its happier position.
The question now is who - when the sector finally celebrates robust health and growing business - will be sitting smug and who will be sulking on the sidelines? Standard Chartered's promise last week to turn the modest Nakornthon Bank into a financial barracuda must surely have sent a wave of unease through the local commercial banking world.
The fear of ferocious new foreign competition can have been only slightly blunted by the enthusiasm that international investors showed - a day later - for Siam Commercial Bank's preferred share offer.
There is no doubt a hefty pent up demand for Asian success stories, and Thailand is perceived as a country that is finally starting to get its act together.
But export performance continues to be dismal and loan growth is minimal. Even optimists are not looking for an economic bounce until next year.
Stock markets of course tend to anticipate good news.
