Siam Commercial Bank

Siam Commercial Bank
Public
Traded as SET: SCB
Industry Banking
Insurance
Leasing
Real estate
Founded October 4, 1904 (1904-10-04) (unofficial)
January 30, 1907 (1907-01-30) (official)
Founder Prince Jayanta Mongkol
King Rama V
Headquarters SCB Park Plaza, Chatuchak, Bangkok, Thailand
Revenue Decrease 164,055 million baht (2016) [1]
Decrease 47,182 million baht (2016)[1]
Total assets Increase 2,774,309 million baht (2016)[1]
Total equity Increase 307,463 million baht (2016)[1]
Number of employees
 27,000
Subsidiaries SCB Asset Management
SCB Securities
SCB Life Assurance
Cambodia Commercial Bank
Website www.scb.co.th

Siam Commercial Bank (Thai: ธนาคารไทยพาณิชย์), the first bank in Thailand, was informally established in 1904 as "Book Club". According to the Bank of Thailand, it is Thailand's fourth largest commercial bank in terms of total assets, deposits, and loans.[2]

History

Garuda at a branch in Khon Kaen, signifying the royal warrant given by the King of Thailand

SCB was founded as the "Book Club" on 4 October 1904 by Prince Jayanta Mongkol, a brother of King Chulalongkorn (Rama V), who was convinced that the time was ripe for Siam to have its own banking system to help foster the country's economic development, rather than rely on foreign banks operating branches in the country. The name "Book Club" was chosen in an effort to keep the project sub rosa as it was something of an experiment. After the success of the "Book Club", King Chulalongkorn granted royal approval for it to officially operate as a commercial bank under the name "The Siam Commercial Bank" on 30 January 1907.

SCB opened its headquarters in Bangkok's Talat Noi District in 1910. In 1911, it was granted approval to display the royal Garuda symbol as a royal warrant by King Vajiravudh (Rama VI).[3]

Milestones

Financials

At the end of December 2014, SCB's market capitalization stood at 618 billion baht, the highest among Thailand's financial institutions, with total assets around 2.7 trillion baht. As of April 2018, SCB had 1,154 branches. It plans to reduce the number of branches to 400 by 2020 as it moves to digital banking. The workforce is to be reduced also, from 27,000 to 15,000.[5] As of 2013 it had 108 foreign exchange kiosks, and 9,142 ATM networks, the highest in the banking sector.[6]

Services

SCB exchange booth. Suvarnabhumi Airport

The bank provides financial products and services through SCB core business groups:

  • Retail Banking Group: provides home loans, personal credit, auto loans, credit cards, ATM cards, debit cards, currency exchange facilities, and overseas remittances, as well as investment and bank insurance.
  • Corporate Banking Group: offers loans and consultancy and advisory services to organizations.
  • Business Banking Group: delivers financial products and services to businesses in the SME sector through Business Relationship Centers (BRCs) nationwide, providing banking advice and managing customer financial needs.
  • Global Transaction Services: provides financial transaction products for larger corporations and SME customers. Its products include business cash management, trade finance, and corporate trust.
  • Special Assets Group: manages the bulk of the bank's portfolio of non-performing loans (NPLs) and non-performing assets (NPAs).
  • Treasury Group: offers a range of treasury products covering liquidity, interest rates, and exchange rate instruments.

Ratings

Board of directors

  • Mr Anand Panyarachun, Chairman of the Board
  • Dr Vichit Suraphongchai, Chairman of the Executive Committee
  • Mr Arthid Nanthawithaya, President and CEO[10]

References

  1. 1 2 3 4 "Companies/Securities in Focus: SCB : The Siam Commercial Bank Public Company Limited". The Stock Exchange of Thailand. Retrieved 29 March 2018.
  2. ↑ "SCB Company Page".
  3. ↑ "1904-1932 Laying the Foundation of Thai Banking". Siam Commercial Bank. 2010. Retrieved 2 January 2011.
  4. ↑ "A chairman's view on the Thai economy". National Science and Technology Development Agency. 1993. Retrieved 29 March 2018.
  5. ↑ Banchongduang, Somruedi (9 April 2018). "SCB to close 200 branches". Bangkok Post. Retrieved 14 April 2018.
  6. ↑ "Annual Report 2013". Siam Commercial Bank. Retrieved 29 March 2018.
  7. ↑ "Fitch Rates Siam Commercial Bank's Debenture Programme 'F1+(tha)'". Reuters. Retrieved 14 July 2015.
  8. ↑ "Moody's affirms all of Siam Commercial Bank's ratings". Moody's. Retrieved 14 July 2015.
  9. ↑ "Standard & Poor's Ratings: S&P upgrades outlook for 4 banks". The Nation. Retrieved 14 July 2015.
  10. ↑ "Senior Executive Officers - The Siam Commercial Bank". www.scb.co.th. Retrieved 29 March 2018.
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