The cut came as the country’s bank credit growth in the first quarter of this year was only 1.1 per cent, slowing significantly against the 2.28 per cent rate in the same period last year, with many firms scaling down their business due to the adverse impacts of the COVID-19 pandemic. … [Read more...] about COVID-19 pushes banks to lower deposit rates
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“Q1 business results and macroeconomics statistics expectantly published in April may also place negative impacts on market movements. Profits of listed companies in Q1 may be below expectation under the influence of COVID-19 pandemic,” Bach said. … [Read more...] about Shares gain for seven straight sessions, fueled by banking and mining stocks
He added that a comprehensive plan was issued throughout the company’s system in the time of social distancing from April 1 to 15, in which all requirements of the government will be fully obeyed. “The responsibility to implement this plan was assigned for every team leader of the five factories to ensure that the highest standards of safety will be observed across our system,” Thanh said. … [Read more...] about Maintaining business stability a top task for foreign investors
Bangkok (VNA) - Thailand’s Kasikornbank (KBank) and Siam Commercial Bank (SCB) cut their prime lending rates by 40 basis points on April 9 after the Bank of Thailand (BoT) lowered the required contribution by banks to the Financial Institutions Development Fund (FIDF). The banks' new prime lending rates will take effect on April 10. KBank's minimum lending rate (MLR) will be reduced to 5.60 percent from 6 percent, the minimum overdraft rate (MOR) to 6.22 percent from 6.62 percent and the minimum retail rate (MRR) to 6.10 percent from 6.50 percent, KBank Co-President Predee Daochai said in a release. The bank's deposits rates will remain unchanged, he said. At the same time, SCB's new MLR will be reduced to 5.375 percent from 5.775 percent, MOR to 6.095 percent from 6.495 percent and MRR to 6.345 percent from 6.745 percent, said Chief Executive Arthid Nanthawitthaya. The latest rate reduction is aiming at alleviating the financial burden of the bank's retail and corporate … [Read more...] about Thai commercial banks cut lending rate to support firms
In a time when the whole world is very volatile, including global financial markets, the continued disbursement of this international syndicated loan by international commercial banks demonstrated their strong confidence in Vietnam’s market and real estate sector, and Novaland in particular. More encouragingly, the group of foreign banks participating this time includes a number of banks which have either never invested or invested a modest amount in Vietnam or Novaland. … [Read more...] about Novaland attractive to foreign investors, why?