Bangkok--10 Oct--Thanachart Bank
Spreading its wings into all provinces nationwide with an extensive network of over 680 branches to bring services closer to customers, Thanachart Bank offers a full range of banking services and aims to achieve growth in all areas and every product.
Thanachart Bank Public Company Limited announces the successful completion of the largest bank merger in Thai history and is now Thailand’s fifth largest bank by the number of branches. With over 680 branches to bring financial services closer to customers, the Bank aims to achieve growth in all business areas. In particular, it plans to achieve within the next few years an asset size of one trillion baht, with its business loan, credit card and housing portfolios growing faster than the industry and its hire purchase business continuously maintaining its #1 leadership position in the market. To cater to the needs of all customer groups, the Bank will continue to expand its businesses and offer a full range of financial products through its networks, both local and overseas.
“The merger of Thanachart Bank and Siam City Bank which commenced in April 2010 was completed on time on 1 October 2011,” said Somjate Moosirilert, Thanachart Bank’s chief executive officer and president. All the steps taken are in compliance with the regulations of the authorities concerned. The merger has been successfully carried out in a smooth manner and in accordance with the established plan and timeline. Customers have not been affected by the merger and are able to receive all normal services without interruption. The merger makes the Bank the country’s fifth largest bank by the number of branches. It has an extensive network of over 680 branches and over 2,100 ATMs nationwide, in addition to Scotiabank’s branch networks in over 50 countries worldwide. As well, the Bank is supported by more than 17,000 employees who jointly bring quality financial services closer to customers, with standards aiming at helping customers reach the highest levels of achievement possible.
“This merger represents a historical milestone of Thailand’s commercial banking industry and is in line with the authority’s policy that encourages bank mergers to strengthen the financial system. The objective is to promote the establishment of strong and diversified banks which will strengthen the country’s financial systems and overall economy. Today, we have a large capital base and more channels to serve both retail and corporate customers in more diversified business areas.
Brendan King, Thanachart Bank’s Deputy CEO, said that Scotiabank which is Canada’s most international bank and Thanachart Bank’s equity partner with a 49-percent stake is well prepared to support the growth of Thanachart Bank in every area. “ Scotiabank continues to work closely with TBank to introduce world class standards to complement Thanachart Bank’s domestic financial expertise. As a result, Thanachart Bank will be able to give best in class financial products and services that effectively meet the needs of its over 4 million customers. Moreover, we are also able to provide our customers with international banking services through Scotiabank’s extensive networks in 50 countries worldwide, a service unmatched by any other Thai bank.
“Following the merger of Thanachart Bank and Siam City Bank which is aimed at meeting the needs of all customer groups, customers will gain great benefits from the combined expertise of the three financial institutions, which includes Thanachart Bank’s expertise in retail finance, Siam City Bank’s expertise in business finance as well as Scotiabank’s global best practices in all areas of banking services said Mr. King. Mr. King added that in addition to Thanachart Bank’s increased capabilities, thanks to the country’s continuous and strong economic growth, additional foreign direct investment, higher consumer spending as a result of the government’s economic stimulus policy, Thanachart Bank’s businesses will continue to grow significantly.
“Today, we have products and services that comprehensively meet all the diverse financial needs of Thai customers. These include, among others, investment and deposits products such as deposits, bills of exchange, securities brokerage and mutual funds; consumer loans such as credit cards, automobile hire purchase and home loans; business loans such as corporate loans and SME loans; and insurance products such as life and non-life insurance policies. We also provide customers with convenience through internet banking services, our Contact Center ‘1770’, and payroll and utility bill payment services. With our new management team and service standards based on advanced technology as well as the special attention and personal care we give to all our customers, we’re confident that Thanachart Bank is ready for all our customer’s opportunities” said Somjate.