Banking on change: Kasikornbank unveils shakeup with fresh faces and spin-off plans

Kasikornbank (KBank), Thailand’s second-largest lender by total assets, revealed a significant restructuring of its business operations. This includes the introduction of a new president, co-president, and a spin-off strategy.

KBank notified the Stock Exchange of Thailand (SET) yesterday about the appointment of Chongrak Rattanapian to the position of president and executive director, effective from August 29. Chongrak, with over 20 years of experience at KBank, previously held the role of executive vice president and chief financial officer (CFO). He is expected to oversee risk management and the bank’s environmental, social, and governance strategy.

Simultaneously, Rungruang Sukkirdkijpiboon’s appointment as co-president is under process and awaits the Bank of Thailand’s approval, according to an anonymous banking industry source. Rungruang brings a wealth of experience from the retail banking sector, having served as an adviser to the president and acting retail banking product and strategy group head of Krungthai Bank. His previous roles include a leading executive position at Central JD Money Co, a former fintech joint venture between Central Group and JD.com of China, and a stint at Siam Commercial Bank overseeing its credit card business.

KBank also announced the appointment of Sansana Sukhanunth as executive vice president and CFO, succeeding Chongrak, as per the SET’s report.

The preceding co-presidents of KBank, Krit Jitjang and Patchara Samalapa, resigned on July 31. Currently, Patchara governs as the group chairman of Kasikorn Investure Co (KIV), a KBank subsidiary operating under the bank’s business spin-off strategy. Krit, on the other hand, serves as the advisory panel’s chairman to the bank’s chief executive, Kattiya Indaravijaya. Both assumed their new roles on August 1, 2023.

KBank established KIV, a holding company under the KBank Group, to provide financial services to individuals and small business entrepreneurs, particularly those underserved and struggling to secure loans from banks. Joint ventures and partnerships form the crux of KIV’s strategy for business expansion, aiming to reduce both the price-earnings ratio and credit costs.

Kattiya, chief executive of the bank, disclosed that KIV’s financial services range from digital payments to commercial and consumer loans. She asserted that the restructuring would allow KBank to expand retail loans with greater flexibility via a new digital-based business model.

In line with the business spin-off strategy, KBank is currently revising its management team and restructuring its business operations.

The bank also announced the appointment of Nathapol Luepromchai as the new executive vice president overseeing credit products, effective from August 4. Nathapol previously held the position of executive vice president and head of mortgage loans at the Bank of Ayudhya, operating under the marketing name of Krungsrim, reported Bangkok Post.