Kasikornbank (KBank) has announced the appointment of a new president and co-president, along with a restructuring of its business operations under a spin-off strategy.
KBank, the country's second largest lender by total assets, on Monday informed the Stock Exchange of Thailand (SET) of the appointment of Chongrak Rattanapian as president and executive director to fill a vacant position, effective as of Aug 29, 2023.
KBank's co-president position is expected to be filled by Rungruang Sukkirdkijpiboon, whose appointment is at present undergoing due process and awaiting the Bank of Thailand's formal approval, said a banking industry source who requested anonymity.
Mr Chongrak, who has worked at KBank for over 20 years and recently served as the bank's executive vice-president and chief financial officer (CFO), is also expected to supervise risk management and environmental, social, and governance strategy, which was formerly under the responsibility of Krit Jitjang, who formerly held the position of co-president.
KBank's head office in Bangkok. Under a business spin-off strategy, KBank is adjusting its management team and restructuring its business operations. (Photo: Pornprom Satrabhaya)
Mr Rungruang, who has extensive experience in the retail banking business, previously served as an adviser to the president and acting retail banking product and strategy group head of Krungthai Bank. Moreover, he used be the leading executive of Central JD Money Co, a former fintech joint venture between retail giants Central Group and JD.com of China. He has also worked at Siam Commercial Bank overseeing its credit card business.
In addition, KBank also appointed Sansana Sukhanunth as executive vice-president and CFO to replace Mr Chongrak, according to the SET.
The former two co-presidents of KBank, Krit Jitjang and Patchara Samalapa, resigned as of July 31, 2023. At present, Mr Patchara is the group chairman of Kasikorn Investure Co (KIV), a KBank subsidiary under the bank's business spin-off strategy, whilst Mr Krit serves as chairman of the advisory panel to the chief executive of the bank, Kattiya Indaravijaya. The two positions became effective as of Aug 1, 2023.
KBank set up KIV, a holding company under KBank Group, to offer financial services to individuals and entrepreneurs in small businesses, with a focus on underserved customers who have difficulty accessing loans from banks. Partnerships and the joint venture model are the key strategies of KIV to facilitate business expansion and minimise both the price-earnings ratio and credit costs.
Earlier, Ms Kattiya said the financial services offered by KIV include digital payments as well as commercial and consumer loans. The restructuring would give KBank greater flexibility to grow retail loans under a new digital-based business model.
Under the business spin-off strategy, KBank is currently adjusting its management team and restructuring its business operations. KBank also appointed a new executive vice-president, Nathapol Luepromchai, to oversee credit products, effective as of Aug 4, 2023. Mr Nathapol previously occupied the position of executive vice-president and head of mortgage loans at the Bank of Ayudhya, which operates under the marketing name of Krungsri.