Syrus chief sets two years to achieve goals

AS a major shareholder and chairman of Syrus Securities, Chatchaval Jiaravanon is ready to flex all his muscles to push the securities company towards a mid-sized position for post-liberalisation survival.

"My goals are to increase Syrus's market share to 3 per cent and make it one of the top 20 brokerage houses," said Chatchaval, who added that he was ready to leave management to do its job once the goals were accomplished.

"I'm convinced that once the goals are achieved Syrus will be competitive and stay active in the industry in the long term, but if we miss the goals before the liberalisation comes, the strategy will be reviewed."

Chatchaval was a founder of Syrus, taking parts of the start-

up company on invitation from

his friends. His first intention

was to remain as an investor, not to take part in the management. However, the brokerage industry has suffered dearly from exter-

nal factors as well as domestic political conflicts in the past few years.

Chatchaval knew that with-

out improvement Syrus would

not survive. He therefore built

up his holding in the company from 12 per cent to 24 per cent. Combined with stakes held by his friends, the stake is now 60 per cent.

Taking over the chairmanship a year ago, Chatchaval made it his first mission to reduce corporate expenses. Once the company is lean enough, he will move on to pave the way for expansion by recruiting new staff or taking over other companies. Syrus is ready financially to acquire other businesses, which would bring it to its goal quicker, he said.

"Consolidation is our priority. We're open for offers, with cash of over Bt900 million. Our system is also ready for the consolidation," he said.

Chatchaval admitted that brokerage houses must be prudent. Aside from political risks, they

have to overcome difficulties

that will be introduced by the industry liberalisation in the

next three years, after which the market will be open to all players. All players then will be able to quote commissions at any level to attract business. Without expansion in the capital market, many players will then be consolidated for survival.

"I have two years to accomplish my road map," Chatchaval said. "We must follow the mission and strategies, but we are flexible. We are open to any options that would make Syrus readier for competition and ready for any market rebounds," he said.

The recent acquisition of in-dividual investment portfolios

and consolidation of 50 staff from TMB Macquarie Securities (Thailand) was in line with the mission. The transaction immediately raised Syrus's market share in the brokerage industry to 1.3-1.4 per cent from 1 per cent, with an increase in the number of broking accounts from 5,000 to 8,000. At present, individual investors account for 70 per cent of Syrus's business, while the rest are foreign investors.

"I believe that with cooperation and teamwork on the part of the executive board and staff the company will sail through obstacles," he said.