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Published on March 26, 2008

Adisorn, who is the head of SCB Asset Management, will also serve as board member and chairman of the executive committee.

He has so far played a key role in expanding the fund management business of SCB Asset, making it one of the major players in the industry.

SCB Asset Management is yet to name a replacement for Adisorn.

Chayotid and executive director Supattanapong Punmeechaow abruptly resigned from SCB Securities due to their conflict with the parent company, Siam Commercial Bank.

The exact nature of the conflict between Chayothid and Supattanapong and the parent bank is still not clear. But financial sources said Chayotid wanted SCB Securities to be totally independent, an idea unacceptable to the parent bank as it is aiming to become a universal financial services group. SCB Securities board members Siddhi Savetsila, Kamthon Sindhava-nanda, Palakorn Suwanrath also resigned last week to pave the way for a restructuring of the company.

The shareholders of SCB Securities, 100-per-cent owned by Siam Commercial Bank, yesterday also appointed Dr Veerathai Santiprabhob and Yokporn Tantisawetrat as directors. Sutharnthip Pisit-Bumtoon and another board member were reappointed to the board.

These key appointments have received clearances from the Securities and Exchange Commission.

Adisorn said in a statement that SCB Securities provided an important synergy in line with the bank's strategy of becoming "The Premier Universal Bank", providing various financial products and services.

He said SCB was "fully committed to continue supporting SCB Securities.

Siam Commercial Bank executive chairman Vichit Suraphongchai said last week that the resignations of Chayotid and Supattanapong were separate from those of the other board members.

"The central bank's policy for commercial banks to have more supervision over their subsidiaries has been implemented since last year. This is a matter that all parties understand concerning the need for SCB to have a supervisory role," Vichit said.

Siriporn Chanjindamanee

The Nation