WEALTH MANAGEMENT | Cesar Tordesillas, Thailand

Sukhumvit Asset Management allots $96.9M for NPLs

Sukhumvit Asset Management is earmarking 3 billion baht or US$96.9 million this year to bid for non-performing loans worth 120 billion baht.


The company also wants to expand its debt-restructuring consultancy, targeting state financial institutions.

"As we aim to become the nation's flagship asset manager, we have to be ready to help the government solve its bad-debt problem," said SAM president Nampung Wongsmith.

This year, SAM is expected to get revenue of 10 billion baht from its debt-restructuring business and 1.2 billion baht from non-performing assets.

SAM also plans to return 7.5 billion baht in proceeds from debt restructuring to the Financial Institutions Development Fund this year.

SAM is one of the asset management firms allowed to sell the bad loans and assets of defunct finance firms and debtors on behalf of the FIDF. It has paid 162 billion baht to the FIDF.

At present, SAM has total assets under management of 183 billion baht, including 177 billion in bad loans and 6.8 billion in non-performing assets.

In June, the company will finish an asset transfer worth 350 billion baht from Thai Asset Management Corporation.  The assets include 330 billion baht in bad loans and 22 billion baht in non-performing assets.

Once the asset transfer is completed, SAM will be the largest asset management firm with assets worth 500 billion baht.

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