Bank of Asia for Industry and Commerce was founded in 1939 by former Prime Minister, Dr. Pridi Bhanomyong. The name was later shortened to Bank of Asia. Bank of Asia (BOA) was listed on the Stock Exchange of Thailand in 1978 and registered as a public company limited in 1992.
Historically BOAs business was heavily concentrated in commercial lending since government policy had long favoured large companies as the engine of economic growth for Thailand. From 1996 onwards however, the Bank began to develop a strong market position in consumer business. A comprehensive line of consumer banking products was developed, branches were turned into sales outlets and the consumer customer base began to expand rapidly. At the same year, the Banks Vision statement was announced To become the best Thai Financial Service Center with a record of innovation, a reputation for professionalism and a practice founded upon the philosophy of doing right for our customers.
ABN AMRO, a Dutch financial services group, became the major shareholder of Bank of Asia in 1998 and helped develop world class risk management operations at BOA. At the mid year of 2004, ABN AMRO sold its holding in BOA to The United Overseas Bank (UOB), the largest bank in Singapore.
Through product and channel innovations such as Bancassurance, escrow accounts for mortgages, supermarket banking and Internet banking Bank of Asia, has ensured its reputation as a leading retail brand. BOA is continuing its focus on retail and consumer markets ranging from medium and small sized businesses to individual consumer customers, through the ASIA Care U Project.
BOAs headquarters is located on South Sathon Road, Bangkok. As of June 2004, the Bank has 128 branches and 318 ATM machines throughout Thailand delivering a full range of products originated by the Bank itself, its fund management and leasing subsidiaries and insurance affiliates.