According to the bank website, "The proposed investment entails IFC anchor investment of up to US$150 million in a US$220 million privately-placed, senior, unsecured USD-denominated “Women Entrepreneurs Bonds” to be issued by Bank of Ayudhya Public Company Ltd. (“Krungsri” or the “Bank”) to finance the expansion of the Bank’s women-led small and medium enterprises (“WSME”) loan portfolio (the “Project”). The Project will support the Bank’s ongoing efforts to increase its lending portfolio to WSMEs, an important sector that drives economic growth and employment, and to promote resilient and sustainable growth and strengthen financial inclusion in Thailand. Krungsri is the fifth largest commercial bank in Thailand, in terms of total assets, with 11.4% market share of total banking sector assets (US$67 billion) as of December 2018. The Bank has a leading position in consumer lending and ranks #1 in retail and #5 in the SME and corporate loan segments. Krungsri is listed on the Stock Exchange of Thailand, with a market cap of US$9.4 billion as of July 31, 2019 and is recognized as a Domestic Systematically Important Bank by the Bank of Thailand. IFC has a multi-level partnership with the Bank and its subsidiaries in the East Asia and the Pacific region, notably Hattha Kaksekar Limited in Cambodia, as well as the Bank’s major shareholder - MUFG Bank, Ltd., the largest commercial bank in Japan (“MUFG Bank”)"

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

An extended list of private actors is available in a separate file. 

According to IFC, Krungsri is a strategic subsidiary of MUFG Bank, formerly Bank of Tokyo-Mitsubishi UFJ, Ltd., which owned 76.88% of the Bank as of July 31, 2019. MUFG Bank is a multinational banking and financial services corporation based in Japan with consolidated total assets of US$2,904 billion as of June 2019. It became a shareholder in Krungsri in 2013. As a major shareholder and a strategic partner, MUFG Bank has provided a wide range of support such as product development, risk management, information technology, global network, and marketing to help strengthen Krungsri’s franchise and operations.  

Bank of Ayudhya Public Company Ltd.
Duangkhae Khunviseadpong
Senior vice president head of department
+66 (0) 2296 5307
duangkhae.khunviseadpong@krungsri.com
1222 Rama III Road, Bang Phongphang, Yan Nawa, Bangkok 10120 Thailand
https://www.krungsri.com/bank/en/Contact/CU/ContactUs.html 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/