GSB enters car title loan business
Bank sets up venture with Srisawad Corp
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…