Thailand Post and BAAC to cooperate

Thai Post Office has signed an MOU to undertake certain businesses jointly with the Bank for Agriculture and Agricultural Cooperatives (BAAC), Krungthep Turakij reported.

To prepare for privatisation, Thai Post Office is expanding its businesses. In 2004 the company expects to make 30% of its income from supplementary services like financial services and retail services and just 70% from mail services. The stamp price for sending a domestic letter will be increased from two baht to three baht in 2004, which is expected to raise Thai Post Office’s annual income from eight billion baht to nine billion baht. Thai Post Office still expects to operate at a loss in 2004, however.

Most recently Thai Post Office signed a tentative agreement with BAAC to offer loan application, goods transportation, money transfer, and billing services for BAAC through all post office branches. Later, the cooperative agreement may be expanded to include e-commerce.

Thai Post Office is also working out agreements with Hong Kong and Shang Hai Banking Corp and Bank of Asia.

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