GPF boss set to lead GSB

GPF boss set to lead GSB

Vitai: Second stint at state-run bank.
Vitai: Second stint at state-run bank.

The Government Savings Bank (GSB) board of directors has picked Vitai Ratanakorn to succeed president and chief executive Chatchai Payuhanaveechai, who will retire in June.

Mr Vitai, the secretary-general of the Government Pension Fund (GPF), beat other applicants because he is a former GSB executive, understands the bank and can start work immediately, said chairman Patchara Anuntasilpa.

GSB's incoming chief faces the urgent task of taking care of customers ravaged by the country's economic slowdown, Mr Patchara said.

The nomination will go to the Bank of Thailand for vetting before being forwarded to Finance Minister Uttama Savanayana for approval.

Before taking the helm at the GPF in 2018, Mr Vitai was acting president of Islamic Bank of Thailand. He helped the bank lower its non-performing loans and exit a rehabilitation plan.

Mr Vitai started working at GSB in 2015 as senior executive vice-president for the business and public sector customer group before becoming chief financial officer the following year.

The GPF, a pension fund for civil servants, has net assets and cash of 961 billion baht.

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