September 2002 • McKinsey & Company appointed to produce an international benchmarking
report that would act as an input for the policy recommendations under the
FSMP.
May 2003 • Financial Sector Master Plan Committee finalizes FSMP recommendations.
July 2003 • Bank of Thailand officially submitted Ministry of Finance on details of the
FSMP as proposed by the FSMP Committee.
December 2003 • Ministry of Finance proposed the FSMP to the Council of Ministers
January 2004 • Council of Ministers acknowledges FSMP thereby initiating Phase I of the
FSMP
• Ministry of Finance and Bank of Thailand issues notifications and circulars
regarding rules and procedures concerning application for commercial bank
license, branch or subsidiary of foreign bank, and One-presence policy
• Minister of Finance established the Committee to review application to
establish a commercial bank in accordance with the Financial Sector Master
Plan.
• Bank of Thailand presented details of the FSMP to representatives of financial
institutions under the supervision of the Bank of Thailand.
February-July
2004
• Interested financial institutions submitted applications for new license and/or
plan to comply with One-Presence policy.
November 2004 • Committee to review application to establish commercial bank in accordance
with the FSMP forwards the last remaining application to the Minister of
Finance for approval.
December 2004 • Minister of Finance announced approval for nine applications to establish
commercial banks under FSMP.
April 2005 • Minister of Finance announced approval of one application and rejection of
three applications to establish commercial banks under FSMP.
July 2005 • Minister of Finance approved all One-presence applications.