The Bank of Thailand is to accept applications from foreign commercial banks to set up their subsidiaries in Thailand in a bid to enhance competition and financial access in the country, Thailand’s central bank said in a statement.

Among the key provisions, the newly incorporated subsidiary must have paid-up registered capital of no less than 20 billion baht or about $645 million. Foreign banks must be from a country that has significant business relations with Thailand, or from a country that has a Free Trade Agreement with Thailand, or from a country that allows Thai commercial banks to operate at a similar level.

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