webfact Posted August 29, 2023 Share Posted August 29, 2023 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 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe Link to comment Share on other sites More sharing options...
retarius Posted August 29, 2023 Share Posted August 29, 2023 I hope they don't close my local branch. 1 Link to comment Share on other sites More sharing options...
Purdey Posted August 29, 2023 Share Posted August 29, 2023 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. 1 1 Link to comment Share on other sites More sharing options...
IAMHERE Posted August 29, 2023 Share Posted August 29, 2023 Worries me, I have money there. Link to comment Share on other sites More sharing options...
Jelli Posted August 29, 2023 Share Posted August 29, 2023 (edited) Good. Least favorite bank to be certain. Good luck. Edited August 29, 2023 by Jelli Link to comment Share on other sites More sharing options...
Conquerbrqvilok Posted August 29, 2023 Share Posted August 29, 2023 I don't understand , how will effect account holders and credit cards holders? Link to comment Share on other sites More sharing options...
champers Posted August 29, 2023 Share Posted August 29, 2023 (edited) "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 2 Link to comment Share on other sites More sharing options...
KhunBENQ Posted August 29, 2023 Share Posted August 29, 2023 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. Link to comment Share on other sites More sharing options...
cncltd1973 Posted August 29, 2023 Share Posted August 29, 2023 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 Link to comment Share on other sites More sharing options...
aublumberg Posted August 29, 2023 Share Posted August 29, 2023 SCB brought on the former CEO of AIA a while ago. Pressure is on perhaps. Link to comment Share on other sites More sharing options...
PPGuy Posted August 30, 2023 Share Posted August 30, 2023 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 1 Link to comment Share on other sites More sharing options...
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