HSBC purchase boosts outlook for Thai banks

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Thai banks continue to struggle despite their efforts to restructure following the Asian crisis of 1...

Thai banks continue to struggle despite their efforts to restructure following the Asian crisis of 1997, according to Harvey Hammond, Asia Pacific fund manager at Baillie Gifford. Hammond says the Thai banking sector is still recovering from the over investment it experienced in the run up to the crisis, based on the then assumption of further economic growth. At that time banks in Thailand were extensively borrowing US dollars and when the Thai baht depreciated, borrowing costs rocketed. Thai banks were hit on two fronts and companies found themselves unable to pay off their loans, Hamm...

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