KBank announces major restructuring and new president appointment

[webfact]

 

Kasikornbank (KBank), Thailand’s second-largest lender by total assets, has revealed a significant restructuring of its business operations. This includes the introduction of a new president, co-president, and a spin-off strategy.

 

KBank notified the Stock Exchange of Thailand (SET) yesterday about the appointment of Chongrak Rattanapian to the position of president and executive director, effective from August 29. Chongrak, with over 20 years of experience at KBank, previously held the role of executive vice president and chief financial officer (CFO). He is expected to oversee risk management and the bank’s environmental, social, and governance strategy.

 

Simultaneously, Rungruang Sukkirdkijpiboon’s appointment as co-president is under process and awaits the Bank of Thailand’s approval, according to an anonymous banking industry source. Rungruang brings a wealth of experience from the retail banking sector, having served as an adviser to the president and acting retail banking product and strategy group head of Krungthai Bank.

 

His previous roles include a leading executive position at Central JD Money Co, a former fintech joint venture between Central Group and JD.com of China, and a stint at Siam Commercial Bank overseeing its credit card business.

 

by Alex Morgan

Image courtesy of MGR Online

 

Full story: https://thethaiger.com/news/business/kbank-announces-major-restructuring-and-new-president-appointment

 

-- The Thaiger 2023-08-29

 

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[retarius]

I hope they don't close my local branch. 

[Purdey]

Why doesn't the article give a reason for the departure of senior executives? Retired? Incompetence?

Listed companies really should explain themselves a little more clearly. 

[IAMHERE]

Worries me, I have money there.

[Jelli]

Good. Least favorite bank to be certain. Good luck.

Edited August 29, 2023 by Jelli

[Conquerbrqvilok]

I don't understand , how will effect account holders and credit cards holders?

[champers]

"Restructuring" is a euphemism for branch closures and staff reductions by either natural wastage or redundancies or a combination of both.

More banking being done via mobile phones now and less cash transactions (as seen in 7/11 or similar).

Such restructuring will be industry-wide, not just Kasikorn.

Edited August 29, 2023 by champers

[KhunBENQ]

52 minutes ago, champers said:

Such restructuring will be industry-wide, not just Kasikorn.

And going on for quite a while. Kasikorn and Bangkok Bank both on the front with branch closures and ATM network shrinking.

[cncltd1973]

5 hours ago, Purdey said:

Why doesn't the article give a reason for the departure of senior executives? Retired? Incompetence?

Listed companies really should explain themselves a little more clearly. 

restructuring and new leadership means the previous president made some wrong decisions or didn't see impending changes coming and left the bank in a compromised position. the soaring household debt and low economic growth/forecast is a grim situation. I wonder how much bad debt they'll be wiping off the books

[aublumberg]

SCB brought on the former CEO of AIA a while ago. Pressure is on perhaps.

[PPGuy]

On 8/29/2023 at 8:51 AM, Purdey said:

Why doesn't the article give a reason for the departure of senior executives? Retired? Incompetence?

Listed companies really should explain themselves a little more clearly. 

Their hugely loss making investment in Stark has likely been a major reason for these management changes. This has impacted heavily on employee bonus projections leading to many unhappy campers.

https://www.kaohooninternational.com/markets/525506