"This is an important milestone for our super regional strategy and means we can now better connect our multi-national customers to the growing trade and investment flows across Asia with the Greater Mekong," said Andrew Geczy, chief executive of ANZ's international and institutional division. Thailand played a key role in the region's economy, accounting for 65 per cent of the gross domestic product of the Greater Mekong region that also includes Vietnam, Cambodia, Myanmar and Laos, he said. The chief executive of ANZ Thai will be Panadda Manoleehakul, who has previously run ANZ's Philippines business. ANZ has previously had a representative office in Thailand, which restricted the range of services it could offer. The move formally marks ANZ's first expansion into Thailand since it considered an investment in Bangkok-based Thai Military Bank in 2003. Investors were opposed to the plan at the time and sold off the bank's stock in response and the deal did not go ahead. Thailand is seeking to open up more of its financial system to foreign competition and in 2012 ANZ chief executive Mike Smith met now-ousted Prime Minister Yingluck Shinawatra to discuss licence approvals.
ANZ Bank has been granted a full banking license in Thailand which will allow the bank to offer a wider range of financial services in the country. ANZ's CEO, Andrew Geczy announced that "this is an important milestone for our super regional strategy and means we can now better connect our multi-national customers to the growing trade and investment flows across the Great Mekong with Asia".