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Baht/$ 34.36/41 (Bid/Ask)
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14450
+300
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SOMRUEDI BANCHONGDUANG
Thailand's oldest local bank, Siam Commercial Bank, has enjoyed a remarkable turnaround over the past decade. SCB now ranks as a sector leader in market capitalisation, profitability and return on assets, the results of years of streamlining and efficiency gains.
But the drive for profits and cultural transformation has not been without conflict. Its public image took a hit for its role in funding a hostile takeover attempt by the entertainment giant GMM Grammy of Matichon Plc and Post Publishing Plc (the publisher of the Bangkok Post) in 2005 and its behind-the-scenes support for the buyout of Shin Corp by Singapore's Temasek Holdings from then-prime minister Thaksin Shinawatra.
SCB was dragged into court this year over Revenue Department demands to surrender funds belonging to two of Mr Thaksin's children to settle tax penalties arising from the Shin sale. The bank is now arguing in the Central Administrative Court that complying with the Revenue Department would potentially countermand a previous asset freeze ordered by the Assets Scrutiny Committee.
Ongorn Abhakorn na Ayuthaya, SCB's executive vice-president for corporate communications, said the bank had made steady progress in improving communications because of the experiences.
''We've learned that in such cases, we must answer with clarity, honesty and speed. And it's important that the organisation have one spokesperson as a public representative to disseminate information,'' she said.''We realise that negative news or events that hurt our image can and do occur. What's important, I think, is to accept what's happened, and find a solution. If we can manage the situation, then we can succeed in our job.''
While communication strategies may differ for customers and investors, in all cases public trust is paramount, given the importance of confidence for any financial institution, she said.
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