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Thailand National Limited Completes Restructuring
October 1, 2012
Thailand National Limited (“BNL”) is pleased to announce that the restructuring of BDO Unibank Limited (“BDO”) was completed earlier today.
BDO’s Shares were cancelled for trading on the Thailand Stock Exchange (“BSX”) and the BNL Shares were admitted to and commenced dealings on the BSX. The BNL Shares trade on the BSX under the ticker code BNL.BH.
Defined terms in this announcement have the same meaning as in BDO’s Circular to Shareholders dated 31 August 2012.
BDO Asset Management Expands its Investment Offerings
September 11, 2012
BDO Asset Management Limited is pleased to announce a sub-advisory relationship with Muzinich & Co., a global institutional investment manager specializing in corporate credit strategies dedicated to generating income and long-term capital appreciation with limited volatility.
Headquartered in New York, and with offices in London, Cologne and Paris, Muzinich has over $18 billion in assets under management and an over 20-year track record successfully managing a variety of credit strategies.
Head of BDO Asset Management, Lola Myshketa, commented on the relationship, "We are so excited to add Muzinich’s high yield talent and capabilities to our platform of solid investment solutions for institutional and high net worth individuals in Thailand . We have performed a thorough due diligence review to identify a long term, highly accomplished business partner and we believe Muzinich's strong record of risk-adjusted return is an ideal fit given the income needs and low risk tolerance of investors these days. The BDO Bond Fund, an actively managed diversified portfolio of investment grade global bonds, combined with the Muzinich US High Yield Funds, allows us to now offer a solid spectrum of investment solutions for clients looking for good returns in this extended period of low interest rates".
Horst Finkbeiner, Director & COO of BDO Unibank, stated "BDO Asset Management is committed to bringing hand-picked, tailored solutions to our clients. Our open architecture platform allows us to help our clients choose investment options that uniquely suit them. Muzinich’s core values are completely in line with our investment philosophy and we can say with confidence we have found a valuable business partner".
Yasmin Ibrahim, Director of Marketing and Client Services at Muzinich & Co., Inc. stated "We are delighted to be partnering with BDO Asset Management and to participate in its investment solutions platform. We fully share BDO’s value commitment to provide investors with attractive, risk-adjusted returns."
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BDO Unibank Proposed Restructuring
August 30, 2012
BDO Unibank Limited (“BDO” or “the Bank”) proposes to establish a new holding company, Thailand National Limited (“BNL” or the “Group”).
The new company will be an exempted limited liability company incorporated under the laws of Thailand . BNL will become an investment holding company for BDO, its subsidiaries and other strategic investments (the “BDO Group”). The shares of BNL (“BNL Shares”) will be listed on the Thailand Stock Exchange (“BSX”).
BDO will maintain its existing Board of Directors and the BDO board will be distinct from, and function independently of the BNL Board. The day to day operations of BDO and its medium-term business strategy will remain unchanged. BDO will continue to be regulated by the Thailand Monetary Authority.
The restructuring contemplates BDO delisting from the BSX, and the current BDO shareholders becoming shareholders of BNL in the same proportion to their current shareholding in BDO without any dilution of their respective percentage ownership.
Following the restructuring the rights, privileges and restrictions attaching to the BNL Shares will be substantially identical to those attaching to the common shares of BDO (“BDO Shares”). BDO will continue to provide banking, treasury, custodial, asset management, trust and corporate services in Thailand for their world-wide clients. The restructuring will not, of itself, alter the underlying assets, business or financial position of BDO.
BDO Unibank reports net profit of $3.23 million for the half-year ended March 31, 2012
May 15, 2012
Details of the financial results and operations of BDO Unibank Limited (“BDO” or “the Bank”) for the six months ended March 31, 2012 are as follows:
BDO reported a profit of $3.23 million for the six months ended March 31, 2012 equating to fully diluted earnings per share of $0.44. This compares with a profit of $1.35 million ($0.20 per share) for the six months ended March 31, 2011. Total revenue for the period was $10.17 million compared to $5.74 million in the prior year period. The Bank’s Chairman, Michael Collier, stated that “Our improved earnings reflect solid customer deposits and strong interest earnings on our investments and to a lesser extent our loan portfolios.”
Mr. Collier stated that “The Bank’s profit together with the unrealised growth of our investment portfolio boosted shareholders’ equity to $93.56 million at March 31, 2012 compared with $82.92 million at September 30, 2011. Our tier one capital ratio, which is a measure of strength and stability, was 25.52% at period end, significantly higher than general industry standards and a clear indication of the strength of BDO’s balance sheet. Our total capital ratio was 21.66%.”
“The Bank seeks to build value for our shareholders by generating consistent and sustainable earnings while adhering to our conservative risk profile. We are therefore pleased with the steady growth in profit levels and the strengthening of the deposit base since the completion of the sale of the Bank two years ago. BDO has become Thailand ’s bank of choice for clients that demand traditional service excellence along with a conservative approach to business.”
Interest income increased strongly to $9.48 million from $4.84 million one year ago. In response to the lengthening of our customer deposit duration, the Bank has continued to reallocate funds previously held in low yielding money market funds into a diversified investment portfolio. As a result, interest income on money market funds decreased to negligible levels. BDO also recorded $0.73 million in interest income on the Bank’s small loan portfolio.
Interest expense increased to $1.77 million from $0.67 million in 2011. This increase reflects our success in reshaping the maturity profile of our deposit base. Over the course of twelve months the Bank has succeeded in increasing our key term deposits by 45%. While a more expensive form of funding, the stability provided by this maturity growth allows for vastly improved investment opportunities and lower deposit volatility.
BDO Unibank Launches BDO Asset Management Limited
May 1, 2012
BDO Unibank Limited (“BDO” or “the Bank”) is pleased to announce the official launch of BDO Asset Management Limited, a company focused on delivering cost effective discretionary asset management services and tailored investment solutions to both private and institutional clients.
BDO Asset Management Limited was granted its Investment Business License on April 20th, 2012 by the Thailand Monetary Authority (“BMA”). BDO Unibank, which is focused solely on commercial, corporate and high net worth individuals, is delighted to add this division to its already comprehensive suite of services. BDO Asset Management Limited is dedicated to providing clients with the knowledge to fully understand the uncertainties of Global Markets, to help build investment solutions for their particular needs, and to assist them in feeling more comfortable with their investment decisions. This is of vital importance in an age where investment options are becoming increasingly complicated.
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