The Islamic Bank of Thailand (IBank) is continuing its search for a joint venture partner, as discussions advance with 2-3 prospective investors, according to the bank's chief.Thaweelap Rittapirom, director and president of IBank, said the bank finished three rounds of partner selection, with the third round involving the deepest level of engagement.
Discussions were more concrete and confidential information was shared with interested parties, he noted, adding such deals are inherently difficult to conclude.
The remaining obstacles relate to certain negotiation conditions, some of which require consultation with the Finance Ministry, which has the final decision-making authority.
Key issues for investors are how the bank plans to reduce its non-performing finance (NPF), how to make the bank's business direction more attractive, and how to expand its deposit base, according to negotiations and areas where IBank recognises it must provide greater clarity.
Mr Thaweelap said if the bank can strengthen its financial position, reduce NPF levels, and improve its ability to expand retail deposits, its bargaining power in negotiations will strengthen.
