BEST PRIVATE BANK – THAILAND DOMESTIC
SIAM COMMERCIAL BANK
In 2016, Siam Commercial Bank demonstrated that it was a bank that listens to its private banking clients in Thailand and delivers results.
In response to challenging market conditions and a low interest rate environment, the bank was quick to implement its data-driven strategic asset allocation model and shift the product mix of its clients’ portfolios to higher yields from their existing investments, risk levels permitting.
This responsiveness not only resulted in substantial YoY growth in foreign-invested fund and mixed fund assets under management, but customer satisfaction levels reached impressive highs. Indeed, the bank currently boasts the number one market share in mixed funds in Thailand.
Throughout the year, SCB Private Bank netted key talent and groomed existing relationship managers via its wealth academy. Set up in 2015, Siam Commercial Bank’s academy has trained over 100 private banking relationship managers and trainees. It has also engaged Singapore’s Wealth Management Institute to further refine its training programme.
Siam Commercial Bank is one of the few early adopters of advanced technology in Thailand, delivering its user-friendly, front-office solutions across multiple channels, including mobile applications, internet banking and social media, while maintaining strong offline engagement via its relationship managers. Furthermore, the bank continues to demonstrate its commitment to stay abreast of the latest developments by setting aside US$50 million for fintech-related investments.
By year’s end, SCB Private Bank had posted healthy increases in revenues while keeping costs in check – a difficult feat in today’s challenging market.
“We are excited about the progress we have made and our direction for the future,” says Lalitphat Toranavikrai, head of private banking, Siam Commercial Bank. “We are establishing a new platform for growth in both customer base and revenue potential. We strongly believe that this new platform will synergize all aspects of our wealth management business.”
SCB Private Bank is Asian Private Banker’s Best Private Bank – Thailand Domestic for 2016.