CIMB Thai targets 20% loan growth

The lender also plans to issue $990.59mn in bonds to strengthen capital.

CIMB Thai Bank is looking for loan growth of 20 percent in 2011 by focusing on rising demand from small and medium-sized companies and individuals, its president said on Wednesday

The small lender, 93.15 percent owned by Malaysia's CIMB Group, plans to issue bonds worth up to 30 billion baht ($990.59 million), including subordinated bonds, to strenghten its tier 2 capital, Subhak Siwaraksa told reporters.

"We are changing our strategy to focus more on small and medium-sized enterprises and retail customers. That helped boost our lending in the first two months," Subhak said.

CIMB Group said on Tuesday it had applied for a six-month extension up to Oct. 6, 2011, to complete its proposed dual listing on the stock exchange of Thailand.

Subhak attributed this latest delay to legal and regulatory procedures.

"Although the parent firm will list here, we have no plan to delist CIMB Thai from the Thai bourse," he said.

View the full story in Reuters.