Banking on change: Kasikornbank unveils shakeup with recent faces and spin-off plans

Kasikornbank (KBank), Thailand’s second-largest lender by total property, revealed a big restructuring of its business operations. This contains 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 place of president and executive director, effective from August 29. Chongrak, with over 20 years of expertise at KBank, beforehand held the position of executive vp and chief monetary officer (CFO). He is expected to oversee danger administration and the bank’s environmental, social, and governance technique.
Simultaneously, Rungruang Sukkirdkijpiboon’s appointment as co-president is under course of and awaits the Bank of Thailand’s approval, in accordance with an nameless banking business supply. Rungruang brings a wealth of expertise from the retail banking sector, having served as an adviser to the president and appearing retail banking product and strategy group head of Krungthai Bank. His previous roles include a quantity one govt 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 bank card enterprise.
KBank also introduced the appointment of Sansana Sukhanunth as govt vice president and CFO, succeeding Chongrak, as per the SET’s report.
The preceding co-presidents of KBank, Krit Jitjang and Patchara Samalapa, resigned on July 31. Currently, Official governs as the group chairman of Kasikorn Investure Co (KIV), a KBank subsidiary working under the bank’s enterprise spin-off technique. Krit, on the other hand, serves as the advisory panel’s chairman to the bank’s chief govt, Kattiya Indaravijaya. Both assumed their new roles on August 1, 2023.
KBank established KIV, a holding company underneath the KBank Group, to offer financial services to people and small business entrepreneurs, significantly these underserved and struggling to secure loans from banks. Joint ventures and partnerships type the crux of KIV’s strategy for business enlargement, aiming to scale back both the price-earnings ratio and credit prices.
Kattiya, chief govt of the bank, disclosed that KIV’s monetary services vary from digital funds to commercial and consumer loans. She asserted that the restructuring would permit KBank to broaden retail loans with larger flexibility via a model new digital-based enterprise model.
In line with the enterprise spin-off strategy, KBank is currently revising its management team and restructuring its enterprise operations.
The bank also introduced the appointment of Nathapol Luepromchai as the model new government vice president overseeing credit products, efficient from August four. Nathapol beforehand held the place of government vice president and head of mortgage loans at the Bank of Ayudhya, operating beneath the advertising identify of Krungsrim, reported Bangkok Post..

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