SCIB targets BAY's mid-size lead
Siam City Bank (SCIB) plans to replace rival Bank of Ayudhya (BAY) as leader of Thailand's mid-sized banks, says SCIB's newly appointed president and CEO, Chaiwat Uthaiwan.
Chaiwat set the target yesterday during his first press conference after being promoted to SCIB's top executive position, replacing Arun Chirachavala. His appointment took effect this past Sunday.He said among the country's three mid-sized banks - TMB Bank, BAY and SCIB - his bank regarded BAY as its key competitor. BAY is Thailand's sixth-largest bank, with total assets of Bt666.22 billion, while SCIB has total assets of Bt414.45 billion. "Although we know BAY is quite strong right now after its integration with GE, we believe competing with an organisation that is more excellent than us will make us improve ourselves. BAY will also do business more aggressively, so it won't be easy for us to compete against this bank," he said. Chaiwat said SCIB would become a mid-sized bank of rapid adjustment. It will significantly improve its operations within the next year and a half and should develop itself as "an attractive bank" over the next two years, in preparation for a new strategic partnership. "We'll take a few years to 'get dressed up', to make the bank more interesting. We need to improve the bank's operations and earnings, as well as the capabilities of its staff. Once the bank is strong and sufficiently attractive, we can choose a strategic partner rather than being chosen," he said. Chaiwat will visit the bank's major shareholder, the Financial Institutions Development Fund (FIDF), next week. The FIDF holds 48 per cent of the bank's stock. He said he wishes to introduce himself as SCIB's new president and denies any other agenda for the visit. With a term of four years as president, Chaiwat plans to run SCIB with four key strategies, bearing the initials S, C, I and B. S stands for "synergy". The bank will cooperate more with its subsidiaries to expand financial services and products under its universal-banking concept. C represents "customers", and in particular its key customer target group, described as Thai-Chinese businessmen. SCIB has the advantage of more than 400 branches located in what Chaiwat calls "the target-group area". I stands for the bank's "information-technology system", which needs to be improved, particularly in its core banking and risk-management systems, in preparation for business expansion and the central bank's new regulations. Finally, the letter B stands for "best service". "I want SCIB to be the leader among the country's mid-sized banks, to be seen as 'the bank of Siam', like its name - Siam City Bank," Chaiwat said. Somruedi Banchongduang The Nation
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