According to reports from Bangkok Siam Commercial Bank is partnering with Knight Frank Thailand to open a window to real-estate investment in London for its ultra-high-net-worth clients.
Lalitphat Toranavikrai, head of private banking at SCB, said Thailand's economy was facing an uncertain future and fixed-income instruments were unlikely to be very attractive because of the investment volatility, while the overseas-property-market trend is positive.
London is one place that some Thai UHNWs - accounts with at least Bt50 million in assets under management (AUM) at the bank - are familiar with, as they have sent their children to Britain to study there.
The bank found that these customers have sought residences in Britain. Real estate in that country, especially in London, can be an attractive alternative investment for them.
The strategy of SCB is to help customers find alternative investments to gain a better mix of asset classes that will maximise returns while preserving wealth amid the unclear domestic economic situation. Knight Frank Thailand, an independent property-consulting company, will present investment opportunities in London so that UHNWs can buy the right real estate with healthy returns in the long run.
SCB private banking serves more than 10,000 UHNWs with combined AUM of Bt600 billion.
