Siam Commercial Bank
Not unlike its neighboring states, Thailand’s local benchmark suffered material losses (14%) in 2015 and its economic outlook is markedly gloomy, as seen by its central bank’s recent downwards revision of GDP growth to 3.5%. Coupled with a wave of regulatory reforms that have led to shrinking allocations to deposits and a weakening baht, the nation’s over 90,000 high net worth individuals faced significant onshore portfolio decisions throughout 2015.
In light of these, Siam Commercial Bank (SCB) Private Banking outshone the onshore competition to nimbly transition its business toward a revitalised focus on fee-based advice, as well as a deeper leveraging of its open architecture platform to tap into global markets. This subsequently resulted in significant shifts in portfolio allocations and robust growth in the bank’s overall productivity.
The century-plus-old banking group’s unmatched scale locally also allowed it to capitalise on synergies across its different business lines to further expand while still flexibly innovating. Such initiatives range from client-focused research initiatives and technology roll-outs to international training programmes and continual development, which provides its wealth managers with ample skill and wherewithal to grow SCB Private Banking’s share of the high net worth market.
The unrelenting growth of its business and persistent retrospection in its client interfacing approaches, despite the hurdles of adapting to transforming regulations and navigating through turbulent markets, makes SCB Private Banking the deserved winner of the Asian Private Banker 2015 Best Private Bank – Thailand Domestic Award.