Oct. 30--ING Group has affirmed its investment and business support in TMB Bank because it sees high growth potential in Thailand.

Boontuck Wungcharoen, TMB Bank's CEO, said the bank received confirmation from the Dutch financial group, TMB's major shareholder with a 26.41 percent stake, that it would invest and support the bank's business operations.

ING will focus on financial business investment mainly in China, India and Thailand as areas with growth potential.

Earlier, ING Group expressed interest in increasing its stake in TMB, Thailand's sixth-largest bank in terms of asset size, by purchasing shares from the Finance Ministry. The ministry holds a 22.56 percent stake.

He said TMB would maintain its business policy unchanged, with the target of being Thailand's top bank.

In particular, the bank aims to increase market share in the country's deposits to 14 percent over the next three years from 6 percent to 7 percent currently.

The bank's business plan originates from its board and the management team. As a result, the global business restructuring of ING Group would not have an impact on the bank's existing business direction.

ING Group is separating its insurance and banking business under a restructuring plan expected to be completed by the end of 2013.

For the bancassurance business, TMB will keep co-operating with its existing partner, ING Life Thailand, and the bank has no plans to work with other insurance brands.

Product quality is a key factor in bancassurance and the duo believe they have the best, he said.

In addition, Mr Boontuck said the bank planned to aggressively increase loans in the last quarter of the year because the economic recovery and seasonal factors would lift demand for working capital.

The bank expects to book a loan contraction of around 6 percent to 8 percent this year versus a contraction of 13 percent in the first nine months. The decline in outstanding loans primarily came as a result of the recession.

Gross non-performing loans, excluding loss provisions, total 55 billion baht at the bank, or 13.28 percent of total outstanding loans.

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