Bangkok: BAM expands its business, joining hands with 'Siamese Group', a leading real estate operator in Thailand, and asset management business, to strengthen the business together in both NPL and NPA to increase the value of assets, continuing the success of BAM's main strategy in creating business partnerships. Bangkok Commercial Asset Management Public Company Limited (BAM) signed a Memorandum of Understanding (MOU) with Siamese Asset Public Company Limited (SA) and Siamese and Wealth Asset Management Company Limited (SWAM) to collaborate on business in the management of non-performing loans (NPLs) and non-performing assets (NPAs).
According to Thai News Agency, Mrs. Thongurai Limpiti, BAM's Chairwoman, stated that this collaboration with Siamese Group will enhance opportunities to expand the business base and improve efficiency in managing non-performing assets, both NPLs and NPAs, comprehensively. Initially, BAM will act as a selector and present assets awaiting sale to business partners to jointly develop and increase the value of properties, with the aim of transforming abandoned assets into profitable ones.
Dr. Rak Vorakitpokatorn, Chief Executive Officer of BAM, emphasized that the Partnership strategy is being driven forward by managing NPLs and distributing assets awaiting sale systematically. Siamese Asset Public Company Limited, with its expertise inherited from Rittha, a leading Thai construction company, along with Siamese and Wealth, will creatively support BAM in increasing asset value and developing projects for sale and lease.
BAM currently manages over 91,000 NPLs, amounting to over 498 billion baht in debt, and over 24,000 properties awaiting sale, with a combined appraisal value of over 74 billion baht.
Mrs. Sunantha Singsansern, Co-Chief Executive Officer of Siamese Asset Public Company Limited, noted that the collaboration with BAM will support the development of real estate projects more swiftly and effectively due to BAM's significant role in the country's debt and asset management system. This partnership will enhance the company's strategy by increasing asset value before reintegrating it into the economic system.
Ms. Tulanaya Engtrakul, Director of Siamese and Wealth Asset Management Co., Ltd., explained that SWAM will provide advice and debt restructuring services to BAM debtors. In cases where BAM's assets enter the auction process, SWAM will manage residential and retail properties to renovate and resell them, assisting BAM in effectively selling NPA assets.
This collaboration also opens up opportunities to meet real consumer demand for quality, affordable housing, particularly NPA and NPL assets that have been renovated. By leveraging engineering knowledge and real estate development experience, undervalued assets can be transformed to meet market demand, positively impacting society by increasing housing accessibility and reducing resource use.