Bank of China, the Chinese commercial banking giant, has brought its wealth management offerings to Thailand in a bid to capture a wider share of the local market. 

"Prestigious Wealth Management Centre," the new branch affiliated with its Bangkok operations, is the third of its kind by Bank of China overseas, next to London and Singapore. To strengthen its foothold, BOC signed cooperation agreements with nine asset managers with Thailand branches, including Tisco, Aberdeen, Standard Chartered, to serve as dealers. BOC expects the move to generate some THB1.5 billion ($47.4 million) for the company in 2012.

Bank of China has been operating in Thailand since 1994 and has expressed plans to expand in the country to tap potential growth from the upcoming ASEAN Economic Community in 2015. In April this year, the bank began its strategy with the launch of an improved credit card service, which aims to expand its membership numbers from 3,000 now to 40,000 by year-end and to 250,000 in the next three years.