Bangkok--Sep 28--Weber Shandwick
Strengths include loans and deposit services, high interest rates, and qualified staff
Kiatnakin Finance Public Company Limited was granted the license to operate as a commercial bank by the Ministry of Finance, and will begin operating as a full-service commercial bank on 3 October, focusing on a comprehensive range of dependable services within a highly efficient operation. Kiatnakin Bank will offer higher interest rates and specialized services on loans. It expects to grow by 20% and owns up to 100,000-million-baht worth assets within three years due to strong manpower.
Mr. Supol Wattanavekin, Kiatnakin Bank President, said “Kiatnakin’s license to operate as a commercial bank was granted by the Ministry of Finance on September 13, 2005. According to our work plan, we will start operating under the brand name Kiatnakin Bank Public Company Limited on October 3, 2005. Mr. Tawatchai Sudtikitpisan is appointed the Chief Executive Office (CEO) of Kiatnakin Bank.
Kiatnakin is has been operating for 35 years and has overcome difficult economic times until successfully blooming as a full-service commercial bank. The experienced management, with strengths in financial practice, administers Kiatnakin in a flexible way and can quickly adapt to changes. Kiatnakin’s human capital also has a profound knowledge and practice in the business, and is able to provide consultations and assistance to the clients.
Kiatnakin Bank is ready to offer immediate and state-of-the-art financial services. It has selected IBM Thailand Company Limited to manage the bank’s Core Banking system. The system has been proved efficient by related agencies, and will be functioned at 16 branches nationwide including the headquarter. This upgrade will allow Kiatnakin to better offer its specialized financial services. As for capital market activities, Kiatnakin Securities, 99%-own subsidiary, will be working to satisfy the clients’ demand.
Mr. Tawatchai Sudtikitpisan Kiatnakin Bank CEO, said: “Kiatnakin Bank expects the loan offer to increase to 90,000 million baht in next three years, comprising of 50,000-million-baht in hire-purchases, 25,000-million-baht in residential property loans, and 15,000-million-baht in business loans.
He added that Kiatnakin Bank’s focus will remain in the fields that it has been the expert in, which is serving special needs to selected groups of clients. It will keep enhancing the corporate efficiency by developing skills of the human capital and encouraging the independent and decisive habits among the employees.
Miss Thitinan Wattanavekin, Head of Treasury and Funding, Kiatnakin Bank said: “Kiatnakin Bank has successfully become a commercial bank with support of our shareholders and clients. Now that we are upgraded as a full-service commercial bank, we can guarantee the best services and returns offered to the clients on a usual basis. We can also provide a wider range of deposit options and fund management services. In addition, we look forward to holding activities to educate the clients on savings and investments.”
The new clients of Kiatnakin Bank will use certificates of deposits, while the existing clients can hold their P/N tickets and are still eligible to receive principles and interests based on the same conditions, and are under the same roof of protection of the Financial Institutions Development Fund (FIDF) as the new clients. Kiatnakin Bank headquarter is located at on the 17th floor Amarin Tower. The opening hours are 09.30 — 16.30, weekdays.
The bank aims to raise the deposits of 84,000 million baht from retail depositors in next three years, as it believes in the capability of its strong performance and the reliability of A- rated by TRIS Rating agency.
Business practice aside, Kiatnakin Bank has been supporting social activities for 35 years by combining all charitable activities into projects, for example, “Improving human ware and the nation with Kiatnakin”, which later was developed into the Kiatnakin Foundation.
Note to Editor:
Kiatnakin Bank Plc. (originated from Kiatnakin Finance) will begin operating as a full-service commercial bank on 3 October 2005, with the capital of over 14,000 million baht. The services include Hire-Purchases, Residential Property Loans, Business Loans and current accounts, fixed accounts, savings, and others.
For more information, please contact:
Weber Shandwick
Tel. 02 257 0300 ext. 334 End.