Siam City Bank in fundraising move

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At a time when the world's money markets continue to reel from the global credit crunch, the small Thai bank said it wanted to continue boosting its lending.

However, in spite of its firm resolve, the bank revealed that it is scaling back its growth targets for 2008 from 12 per cent to a more modest eight to nine per cent.

Reuters reports that Siam City Bank chief executive Chaiwat Utaiwan said the company is taking all the necessary measures to ensure they secure the funding, though he declined to set a specific monetary target.

"We are selecting a financial adviser for our capital-raising and expect to conclude the capital-raising plan by the end of this year," Mr Utaiwan commented. "We expect the new funds should come by the middle of next year."

Siam City Bank is widely expected to have non-performing loans that amount to about five per cent of its total lending.