Billionaire Bangkok Bank boss leaves solid legacy

Billionaire Bangkok Bank boss leaves solid legacy

Chatri Sophonpanich inherited an empire and broadened its scope

The late ex-chairman of Bangkok Bank Plc, Chatri Sophonpanich, left, hands out financial assistance to students in this file photo. The bank also offers scholarships to young people to study master's programmes in Thailand or abroad. (Post Today photo)
The late ex-chairman of Bangkok Bank Plc, Chatri Sophonpanich, left, hands out financial assistance to students in this file photo. The bank also offers scholarships to young people to study master's programmes in Thailand or abroad. (Post Today photo)

As the former chairman of Bangkok Bank Plc, late Thai billionaire Chatri Sophonpanich was not just a prominent figure in Thailand but Asia as a whole.

Chatri, who passed away on Sunday at the age of 85, was seen as epitomising the Thai concept of jao sua, which refers to the Sino-Thai tycoons who dominated the country's business sector for much of the 20th century.

Chatri, the second son of Bangkok Bank founder Chin Sophonpanich, was educated in Hong Kong at the Kwang Tai High Accountancy College and furthered his studies at the Regent Street Polytechnic of London and the Institute of Bankers in England.

He also received vocational training at the Royal Bank of Scotland and started his career at Asia Trust in 1958.

Chatri joined Bangkok Bank as an assistant accounting manager in 1959 and was its fourth president from 1980-92. He was named chairman in 1999.

Under his reign, Bangkok Bank expanded its footprint in Thailand and the region on the back of steady economic growth. Capitalising on the bank's strong relationships with Chinese businessmen, Chatri helped it expand into the China mainland and Hong Kong.

He turned it into one of the world's top 200 banks and the largest commercial bank in Southeast Asia, as well as the first Thai commercial bank with net profit surpassing 10 billion baht.

Chatri was succeeded as president by his son Chartsiri in 1994 and later served as chairman.

When the Asian financial crisis erupted in 1997, Bangkok Bank was among those that struggled to weather the storm. Chatri, who was chairman at the time, played a key role in steering the business back to a recovery path.

As one of Thailand's most respected bankers, he receive many awards including a Lifetime Achievement Award from the Asia Pacific Bankers Congress (APBC).

Chatri told the Bangkok Post in an earlier interview that many people believed his success was due to his family name as his father, Chin Sophonpanich, had built the empire from the ground up. But he argued that it took talent and devotion to stay at the top of the hill.

"I have fought to maintain our pride and dignity. I grew up with Bangkok Bank so I am very attached to it,'' he said.

Bangkok Bank now ranks as the country's largest commercial bank by assets. Its total assets surged to 3.17 trillion baht at the end of March and its market capitalisation hit 367 billion baht in June.

It also has more overseas branches (32 in 15 countries, including nine in Southeast Asia and several in the United Kingdom and United States) than any other Thai bank. Domestically it also holds the record with 1,165 branches.

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