Foreign shareholding in financial institutions, including in non-banking institutions such as finance companies and credit foncier institutions, is limited up to 49% of total voting capital and the majority of the board of directors must be Thai citizens.
"Section 4 In this Act,
�financial institution business� means the commercial banking business, finance business and credit foncier business, and shall include the undertaking of business of a specialised financial institution.[...]
�finance business� means the undertaking of business of accepting deposits of money or accepting money from the public subject to withdrawal on demand or at the end of a specified period, which is not accepting deposits of money or accepting money in the accounts to be withdrawn by cheques, and of employing such money in one or several ways such as granting of credits, buying or selling of bills of exchange or any other negotiable instruments.
�credit foncier business� means the undertaking of business of accepting deposits of money or accepting money from the public subject to withdrawal at the end of a specified period and of employing such money in one or several ways listed below: (1) lending money by way of taking mortgage of immovable property; (2) buying immovable property by way of sale with right of redemption.
[...]
CHAPTER 2 - STRUCTURE OF FINANCIAL INSTITUTION
DIVISION 1 - Shares and Shareholders [�]
Section 16. The amount of shares of a financial institution held by persons of Thai nationality must not be less than seventy-five per cent of the total number of voting shares sold and the number of its directors who are persons of Thai nationality must not be less than three-fourths of the total number of directors. Where the Bank of Thailand deems appropriate, the Bank of Thailand may permit persons of non-Thai nationality to hold shares up to forty-nine per cent of the total number of voting shares sold, and may permit the number of directors of non-Thai nationality to be more than one-fourth but less than one-half of the total number of directors.
Where it is necessary to rectify the operation�s condition or to enhance the stability of any financial institution or for the stability of the financial institution system, the Minister may, with the advice of the Bank of Thailand, grant relaxation  for any financial institution to have the number of shares or directors other than that prescribed in the second paragraph. In this regard, rules or time clause on the relaxation may also be prescribed. [...]"(FINANCIAL INSTITUTIONS BUSINESSES ACT, B.E. 2551 (2008))
FINANCIAL INSTITUTIONS BUSINESSES ACT, B.E. 2551 (2008), Section 16.
[<a href="https://www.bot.or.th/English/AboutBOT/LawsAndRegulations/SiteAssets/Law_E24_Institution_Sep2011.pdf">Act</a>]