Thailand sets up new commercial bank

The Thai government has approved the establishment of a new commercial bank to manage the assets of fifty-six insolvent finance companies which were closed on the recommendation of the International Monetary Fund last year.

Officials said the bank -- to be named the Radhanasin Bank -- would bid for some of the assets which have retained their value at an auction beginning next month.

Correspondents say the Radhanasin Bank will be set up with about one-hundred million dollars provided by the World Bank and the Asian Development Bank.

From the newsroom of the BBC World Service