Siam Commercial Bank
Thailand spells opportunity for the private banking industry, with its high net worth population and wealth set to reach 136,000 persons and US$647 billion respectively by 2015. Indeed, the numbers rose by 13% and 19% in 2013 despite an economic slowdown due to falling export demand and the impact political unrest has had on tourism and domestic consumption. In 2013, the Thai baht also hit a three-year low.Despite these adversities, one private bank was able to demonstrate consistent growth as it captured a greater share of the HNW market. As part of Thailand’s oldest local bank, Siam Commercial Bank (SCB) Private Banking’s dedication to serving the needs of Thailand’s wealthy has made it the deserved winner of the Best Private Bank – Thailand award for 2013.
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, and its corporate and investment banking services. Its success is evidenced by the fact that SCB Private Banking doubled its AUM in 2013 to US$18.3 billion, more than 6% of Thailand’s US$298 billion in HNW wealth.
Led by Head of Private Banking, Lalitphat Toranavikrai, SCB Private Banking has struck upon a winning formula, winning a greater share of Thailand’s wealth market through many economic cycles, thus emerging as the clear winner of Asian Private Banker’s award for Best Private Bank – Thailand for the second consecutive year.