Bangkok--8 Nov--Thanachart Bank
TBank realigns its forces after merging with SCIB,with Suphadej appointed as Executive Committee Chairman Somjate as CEO and Brendan King as Deputy CEO
Thanachart Bank announces a realignment of its executive management team with a series of appointments in preparation for accelerated growth in line with the recent acquisition of Siam City Bank .
Suphadej Poonpipat has been appointed as the Bank’s Chairman of the Executive Committee while Somjate Moosirilert has been appointed as Chief Executive Officer and Brendan King as Deputy Chief Executive Officer.
Placing strong emphasis on its teamwork policy, Thanachart Bank with the acquisition of SCIB and its strong internal growth, is now one of the country’s top five banks with the strategic intent of meeting all of our customer’s unique needs and as a result reaching an asset size of above one trillion baht over the next 3-5 years.
“In order to further strengthen our management team to meet our customers needs and accereate the growth of the bank, both internally and through the merger with Siam City Bank, Thanachart Bank has recently realigned its forces with a series of executive appointments,” says Suphadej Poonpipat who has been appointed as the Bank’s Chairman of the Executive Committee.
He will work closely with Somjate Moosirilert, Chief Executive Officer, and Brendan King, Deputy Chief Executive Officer, in establishing the Bank’s corporate vision as well as formulating policies and management guidelines, ensuring a smooth transition following the merger with Siam City Bank.
Emphasis will be placed on meeting actual customer needs, in order to build customer confidence in the Bank which will be further enhanced through our increased capital strength and transparency as well as the bank’s record of service excellence nationwide. As its core guiding principle in the conduct of its business affairs, the Bank will always focus on serving the best interests of its customers.
“Over the past few years, as witnessed by its strong growth, the Thanachart Group has been highly successful in building its businesses and becoming a leading universal bank in Thailand. Substantially accelerating this development is Thanachart Bank’s recent successful acquisition of the shares in Siam City Bank, which increases Thanachart Group’s total assets to over 845 million baht as at the end of September 2010,” says Suphadej.
“The competition in the banking industry has become more intense with the industry witnessing constant changes. As well, Thanachart Group has adopted plans aimed at achieving continuous development in its various business areas, including banking, insurance, leasing, securities and wealth management which will enable us to meet all the diverse needs of our customer and grow our businesses at an accelerated rate. As a result, it is essential for the Bank to have high quality executives with extensive experience and in-depth knowledge about customer needs and markets, who can lead the bank forward as we cement our position as one of the leading banks in Thailand,” Suphadej adds.
Somjate Moosirilert was one of Thanachart Group’s senior executives when it was founded in 1980. He has over 30 years of experience in both banking and capital markets. As part of his experience in the public sector during the period 2002-2008, he served as President of the Thai Asset Management Corporation (TAMC) which managed the financial system’s non-performing loans with a book value of over 775,000 million baht. Serving as Acting President of Government Housing Bank, he played an instrumental role in supporting the Government’s real estate rehabilitation program during the economic crisis through the Government Pension Fund’s housing finance project. During the seven months under his leadership, the Government Housing Bank achieved a total housing-loan drawdown of over 25,000 million baht. Moreover, he currently serves as Vice Chairman of Board of Governors of the Stock Exchange of Thailand and also advisor to the Association of Securities Companies.
As regards Brendan King, he has been working for Scotiabank, a leading international bank operating in 50 countries around the world which owns 49% of Thanachart Bank, for over 20 years. Most recently, he served as Vice President and Head of Greater China and Corporate Development, Asia for the bank. He played an instrumental role in helping Scotiabank acquire a 24.99 percent equity stake in Thanachart Bank in 2007. The stake was increased to 49 percent in 2009. Mr. King worked closely with Thanachart Bank’s Board of Directors and management team in the successful acquisition of Siam City Bank Public Company Limited. Moreover, he was responsible for managing Scotiabank’s network expansion investments in China, the Philippines and Vietnam and other countries in Asia.
Joining Thanachart Bank, King has been a member of Thanachart Bank’s Board of Directors and also member of the Executive Committee since 2007. He has established good working relationships with Thanachart Bank’s executives throughout the period.