Bangkok--14 Sep--Siam Commercial Bank
Siam Commercial Bank PCL. (SCB) launched its subsidiary “Siam Commecial Leasing PCL.” to aggressively expand into auto hire-purchase business with the aim to become the market leader.
Following a recent successful tender offer to purchase the securities of Siam Panich Leasing PCL., SCB is ready to launch the subsidiary by the name of “Siam Commercial Leasing PCL.”, or “SCBL”.
Khunying Jada Wattanasiritham, SCB President, revealed that after the Bank of Thailand had allowed commercial banks to diversify into related financial business, SCB has expanded its operations into several markets: life and non-life insurance, other financial business, in a bid to respond to all customers’ needs. “Currently, auto hire-purchase is another key business with high potential of product development and sales growth, particularly in the retail market. Siam Panich Leasing was regarded as a promising firm with a competitive edge and strong financial performance so SCB decided to invest in the company’s shares. Currently, the Bank holds an approximately 95% stake of Siam Panich Leasing and thus changed the firm’s name to Siam Commercial Leasing PCL. From now on, SCB is ready to actively expand into auto hire-purchase business through its superior staff and nationwide branch network with the aim to become the market leader,” added SCB President.
Mr. Karoon Laoharatanun, President of Siam Commercial Leasing PCL. said that the status as one of the Bank’s subsidiaries would help the firm increase competitive advantages. “Throughout the past 30 years, the company has focused on service development to satisfy customers’ needs and has raised service standards, quality levels as well as customer satisfaction. At present, SCBL has registered capital of Baht 3,470 million, comprising Baht 2,149 million in paid-up shares and approximately Baht 46,000 million in total assets. The total auto loan portfolio is approximately Baht 44,000 million with over 200,000 clients. This change has created a new history of auto hire-purchase business while strengthening the firm’s competitiveness in pursuit of excellence in the industry,” he added.
On the auspicious occasion of the Bank’s 100th anniversary, the incorporation between SCB and SCBL will greatly contribute to the Bank’s policy of “Premier Universal Bank”.