The move is part of a strategy by the country's largest state-owned bank to strengthen its capability as a bank of convenience.

President Apisak Tantivorawong said the music-marketing campaign would promote the bank's products and services. In the first stage, it will concentrate on promoting KTB's Internet banking service.

Loveis has agreed to arrange the composition of 10 songs to support the bank's campaign. During the coming year, customers of KTB's online service will be able to exclusively download the songs from the bank's website for free or attend concerts organised by Loveis.

Next year, Loveis will also release an album featuring the 10 songs.

Apisak said the bank planned to expand its Internet banking customer base from about 60,000 members to a million members next year. This will reduce operating costs at the bank's front counter, while the average age of the bank's customers will decline.

Currently, KTB has a total customer base of about 12 million, with 60,000 of them also using the bank's Internet banking service. Half of the bank's customers are state officials, and about 3 million of its deposit-account customers are students.

The bank has 700 branches nationwide offering 24-hour service, seven days a week.

Its advertising and marketing budget for the campaign is about Bt50 million, including a Bt30-million media budget.

KTB is also releasing four new television commercials, with first one launched last month.

"A marketing strategy is quite important in the retail banking business," said Apisak. "It helps expand our customer base. Without a strong customer base, it is quite difficult to conduct a retail business."

Meanwhile, the bank has raised about Bt10 billion from its most recent deposit product, a seven-month fixed-deposit account offering 4.75-per-cent annual interest.

Somruedi Banchongduang

The Nation