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GSB enters car title loan business

GSB enters car title loan business

Bank sets up venture with Srisawad Corp

Mr Vitai, centre, and Ms Thida, second from left, promote the Fast Money company that aims to lower the interest rate for car title loans.

The Government Savings Bank (GSB) has established a joint venture with a subsidiary of SET-listed Srisawad Corporation Plc for its foray into the car title loan business.

GSB holds a 49% stake in Fast Money Co Ltd, a wholly-owned subsidiary of Srisawad Corporation. The stake is valued at 1.5 billion baht.

The price per share received by GSB is about 15% lower than the fair market value, said GSB chief executive and president Vitai Ratanakorn.

The joint venture aims to expand its customer base by 1 million people during the first year of…

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