The firm already has four initial-public-offering (IPO) deals and is in negotiation with two other companies.

A source in the firm said it used to have four investment-banking teams and the change reflected a greater focus on lucrative financial-advice deals.

BFIT is advising one company which is about to list on the Stock Exchange of Thailand, and it has submitted the applications of three more to the Securities and Exchange Commission. Each of these three companies will raise about Bt500 million, and all are expected to list this year.

BFIT also offers private-placement, public-offering and joint-venture services. It advised Salee Industry in its private placement of 37 million shares and Asia Metal in its 330-million-share IPO.

The source said the unfavourable market had hit IPO price specifications but the company was confident it could set prices that satisfied all parties.

CEO Prasit Srisuwan said BFIT had no plans to expand investment this year due to economic and political uncertainty, but if the political situation settled down it might consider more cyber-branches.

"In these circumstances we are forced to cut costs in order to maintain income growth. We may need to cut salaries in marketing slightly. This year our market share will be 2 per cent at worst, 3 per cent at best," Prasit said.

Siriporn Chanjindamanee

The Nation