Awards for Distinction 2012 – Thailand


afd2012

SCB Private Banking

Lalitphat Toranavikrai

Lalitphat Toranavikrai
Head of Private Banking
Siam Commercial Bank

Thailand’s wealth markets spell opportunity for the private banking industry, with its high net worth (HNW) population and wealth set to triple, from 47,000 persons and US$214 billion (2010) to 136,000 persons and US$647 billion by 2015, respectively. Yet with many of the region’s private banks deviating from the traditional, holistic servicing of HNW needs – instead using their wealth management businesses as a distribution channel for their own mutual funds – one private bank has bucked this trend.

As part of Thailand’s oldest local bank, Siam Commercial Bank (SCB) Private Banking’s determination to serve the needs of the Thailand’s wealthy has earned it the title of Asian Private Banker Best Private Bank – Thailand for 2012.

Today, this century-old financial institution continues to build its infrastructure and expand its footprint domestically, drawing upon the benefits of the integrated banking model by leveraging capabilities native to its constituent parts: SCB Asset Management, SCB Financial Market Division, SCB Economic Intelligence Centre, as well as its corporate and investment banking services. Its success in doing is evidenced by the fact that SCB Private Banking is home to more than 4,500 HNW clients and over THB372 billion (US$11.2 billion) of HNW assets, experiencing 30% year-on-year growth.

Yet sheer size – SCB group has over 1,000 branches in Thailand alone – has not hamstrung its ability to react to clients’ changing needs, but rather empowered it. For example, SCB Private Banking remains mindful both of the HNW demographics’ on-going fiduciary needs as the nation’s older generation looks to pass on its wealth to the younger generation, as well as executive and professional clients’ increasing need for erudite tax advice.

“With the strength of being a universal bank, we are pushing for seamless integration amongst SCB Group to provide ‘one-stop services’ for our high value clients, both for their personal needs and their business requirements,” remarks Lalitphat Toranavikrai, Head of Private Banking, Siam Commercial Bank. “We will continue to expand without a doubt.” Certainly, SCB Private Banking seems to have struck upon a winning formula, leaving Asian Private Banker with no doubt that it is the deserved winner of the Asian Private Banker Best Private Bank – Thailand award for 2012.