Kasikornbank (KBank) has restructured its senior management in a bid to further its aim of moving its life insurance business forward.
Banthoon Lamsam, the chief executive and acting president, yesterday announced the appointment of two presidents _ Predee Daochai and Teeranun Srihong.
Both of them will report directly to Mr Banthoon.
KBank's move took the industry by surprise, as it becomes the first bank to have two presidents.
However, Mr Banthoon pointed out the bank has outgrown the capacity of a single president.
KBank has been without a president since 2009 after Prasarn Trairatvorakul left to take the helm at the Bank of Thailand.
Mr Banthoon decided to serve as acting president until a successor could be found.
The new appointments take effect today. Under the new structure, Mr Banthoon will become chairman and remain chief executive.
Two other executives were appointed to represent KBank in policy decisions regarding Muang Thai Life Assurance Plc.
Krisada Lamsam becomes a non-executive director and vice-chairman overseeing strategy for KBank and Muang Thai Life Assurance.
Somkiat Sirichatchai is also a non-executive director as well as chairman of risk management at both companies.
"Our move is aimed at allowing the bank to expand its business abroad even more aggressively in parallel with the life insurance business, while stringent risk management is essential too," said Mr Banthoon.
Muang Thai's performance has been bullish in recent years but especially last year, when bancassurance performance helped the company to become the second-largest life insurer in Thailand, with nearly 50 billion baht in premium revenue.
KBank now owns 51% of the insurance company, and the strategy is aimed at raising awareness among consumers about the strong connection and cooperation between these two financial entities.
"This is a big move for the KBank Group. We consider banking and life insurance to be of the same nature. They offer the same types of financial products. It will be more effective if we can create synergy between these two companies," said Mr Banthoon.
Meanwhile, Mr Somkiat said the new structure will enhance the efficiency of both companies in capturing opportunities abroad.
KBank also named Somchai Bulsook as a vice-chairman and independent director.
Shares of KBANK closed yesterday on the Stock Exchange of Thailand at 212 baht, up six baht, in trade worth 929 million baht.