KRUNG THAI BANK TO TAKE OVER SAYAM BANK

  The state-owned Krung Thai Bank Ltd
  will start taking over state-owned Sayam Bank Ltd and complete
  the process in a year, Finance Minister Suthee Singhasaneh told
  a press conference.
      He said the takeover decision was made this week to stem
  the current heavy losses of Sayam and to avoid competition
  between the two state-owned institutions.
      The minister said some of the existing 30 Sayam Bank
  branches will be merged with their Krung Thai counterparts,
  while others will continue operating but under Krung Thai's
  name.
      Sayam Bank has existed since August 1984 when the Finance
  Ministry took over and re-named the Asia Trust Bank Ltd.
      Sayam president Waree Havanonda told reporters last month
  her bank posted a loss of more than 400 mln baht in 1986. At
  the end of 1985 the bank, with 13.8 billion baht of assets, was
  ranked 12th among Thailand's 16 local commercial banks.
      Waree said Sayam Bank was trying to recall about six to
  seven billion baht of loans extended by its previous private
  management and was taking legal action to collect another four
  to five billion baht of doubtful debts.
      Krung Thai is Thailand's third largest bank.
  

