The Bangkok branch of BNP Paribas has partnered with CIMB Thai Bank Public Company (CIMB Thai Bank) to provide cash management services. Under the agreement, BNP Paribas' local and multinational (MNC) customers in Thailand will be able to access cash management services throughout CIMB Thai Bank’s branch network in the country.
“This collection service agreement with CIMB Thai Bank allows us to expand our transactional bank offerings in Thailand through its extensive branch networks and local capabilities,” said Indrajeet Maitra, head of cash management for Asia-Pacific at BNP Paribas. “This step forward to offer cash management services, particularly to our MNC customers, is in line with our Asia-Pacific growth strategy.”
The French bank has been expanding its cash management services in Vietnam this year. It first signed an agreement with Sacombank in March to offer collection services through the bank’s 299 transaction offices and branches. It then signed a second service agreement with Orient Commercial Bank in May to offer services through an additional 82 points of sale in Vietnam.
“This is the first partnership BNP Paribas has with CIMB Thai Bank to offer cash management services in Thailand,” said Monique Vialatou, chief executive at BNP Paribas in Thailand. “We aim to continue strengthening our network coverage through CIMB Thai Bank or other banks which we may partner in the future.”
The partnership will see BNP Paribas offering cash management services through 154 CIMB Thai Bank branches throughout Thailand. The two banks are also looking to strengthen their relationship in other countries in Asia-Pacific.
“By partnering with BNP Paribas, CIMB Thai will be able to provide cash management services to MNC customers and open up opportunities for BNP Paribas to work with CIMB across our extensive networks in Malaysia, Indonesia and Singapore,” said ML Nathchanya Davivongse, senior executive vice-president and head of the transaction banking group at CIMB Thai Bank.
