Boontuck appointed chief executive of TMB

His appointment, to replace former CEO and president Subhak Siwaraksa, was a unanimous decision of TMB's board.

Boontuck is a veteran professional banker. His appointment as the new chief at the country's sixth-largest bank has been a matter of speculation for several months, since he reportedly has the backing of the ING Group, TMB's new major shareholder.

His appointment, which takes effect on July 14, comes as part of management changes following the ING Group's investment in the bank. It has vowed to boost TMB's earnings by changing the bank's business structure to focus more on retail banking.

Subhak was at the helm of TMB last year when it posted a record loss of Bt43.7 billion - the biggest loss among the large banks and TMB's biggest shortfall in more than 17 years.

Sathit Limpongpan, chairman of TMB's board, yesterday said Boontuck would have a four-and-a-half-year term as TMB's chief executive.

Juanjai Ajanant, chairman of TMB's nomination and remuneration committee, said the bank would measure Boontuck's performance by focusing on the bank's profit, balance sheet, capital and stock price next March.

"We selected him [Boontuck] because he accepted the challenge we set for him, and that qualified him for the position. This [appointment] is an agreement between ING and the Finance Ministry," Juanjai said.