After the FSMP went into effect in January 2004, several institutions requested an adjustment of their status-that is, from financial companies or credit fonciers to commercial banks (e.g. Tata Iron and steel Co Ltd, Kiatnakin, Asia Credit) or retail banks (e.g. GE Money, AIG Finance, Thai Keha, Land and House). Two BIBF were allowed to convert to full branches (Societe Generale and UFJ), whereas one full branch of foreign bank was upgraded to a subsidiary (International Commercial Bank of China). Overall, the implementation of FSMP together with its one-presence policy has downsized Thailand’s financial institution system by almost half, from 83 units to 44 units (see Figure 4). This consolidation should help to increase financial stability in the longer term.