Bangkok--3 Aug--Siam Commercial Bank
In a bid to boost SME business, Siam Commercial Bank has picked its "Together, we can" concept as a key strategy to penetrate the market. The Bank aims to become a Top 3 SME bank within 3 years. To prepare for new challenges, the Bank has revamped its organizational structure to be more customer-oriented, while new "Magic 3" financial solutions have been designed to offer maximum benefits to customers, including fixed rates at 300% Loan to Appraised Value (LTAV).
Siam Commercial Bank Senior Executive Vice President Mr. Sirichai Sombutsiri noted that, "This year, the Bank intends to bring its SME service to another level. The Bank is seeking to increase our exposure in this segment after recognizing the strong growth potential of small SMEs, which make the largest contribution the entire economy. With a total target 300,000 billion baht in SME loans, the Bank aims to be ranked among the top 3 SME banks within the next 3 years under a core strategy of "Together, we can". To better reach our customers, the Bank will take advantage of its full range of financial products, more than 1,100 capable personnel, and an extensive network of more than 70 Business Relationship Centers and more than 1,000 branches.”
To achieve this goal, the Bank has restructured internally and appointed 3 capable executives to lead and oversee the SME business, namely Mrs. Sutharntip Phisitbuntoon as Senior Executive Vice President, Deputy Group Head, Business Banking Group and Mrs. Wareemon Niyomthai as Executive Vice President & Head, Small Business. Mr. Trirong Butragaht, Executive Vice President & Head, Strategy and Product, will monitor strategic planning and development of products and services to suit customer demands. Rather than focusing on geographical areas, the Bank has realigned its SME portfolio by dividing it into medium-sized SMEs (75 - 500 million in sales baht per annum) and small SMEs (10-75 million baht in sales per annum).
In order to fully respond to the needs of SME entrepreneurs, the Bank has developed easy-to-use services by combining the entire range of SCB Group products in credit, business cash management, trade finance, and investment, such as the "SCB SME 300% LTAV Fixed Rate" for small SMEs and the "SCB SME Business Expansion" package for medium-sized SMEs.
Mr. Sirichai also added that, "Despite strong growth potential for SMEs, business owners are required to closely monitor factors affecting business, such as the government's economic stimulus measures, political uncertainties, business opportunities arising from the ASEAN development plan and the FTA, exchange rate fluctuation, and constant changes in the global market. To tackle such problems, the Bank will also conduct training and seminars throughout the year to provide useful updates and insights for decision making.