Thailand will soon invite more foreign banks to apply for offshore banking licenses

as part of its bid to become a regional financial center.

Some 47 foreign and domestic banks hold licenses to lend offshore funds both to Thai

clients and to other countries in the region.

Bank of Thailand deputy-governor Rerngchai Marakanonda said banks already operating

will be allowed a greater scope of operations. Without specifying a date, he said

they will be allowed to open sub-branches and trade in Thai baht. - AP