TMB rating was upgraded as S&P saw improving systemic importance after the merger with Thanachart Bank and the significant progress on the integration plan

Mr. Piti Tantakasem, CEO, mentioned “Since the announcement of the merger with Thanachart Bank, TMB’s credit rating was upgraded twice. First, Moody’s raised TMB’s long-term rating by 1 notch from Baa2 to Baa1 last year and the latest one by S&P which was announced yesterday. The rating upgrades reflect the positive view on the merged bank’s potentials, the systemic importance after merger and overall financial position.

Amid the COVID-19 pandemic, TMB and Thanachart Bank have progressed on its integration milestones as plan and on track to complete the merger in July 2021. Business operation is also in line with plan, especially in 3 key areas which help strengthen the group’s financial position. The Bank has stored higher liquidity from expanding deposit base. It has also ensured balance sheet quality by reducing non-performing loans as well as consistently maintained high capital level. These efforts ensure the group’s ability and readiness to tackle with economic headwinds and to provide financial assistance to customers affected by COVID-19”

On a side note, as of second quarter 2020, TMB and Thanachart Bank could grow deposit by 3.2% from last year and further reduced non-performing loan ratio to 2.34%. Capital adequacy remained strong and was among the top tier in Thai banking industry. CAR and Tier 1 were reported at 18.6% and 14.6%, well above the Bank of Thailand’s minimum requirement of 11.0% and 8.5%, respectively.

• ข่าวThanachart Bank
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