SCB names Mr. Yunyong Thaicharoen as Chief Wealth Banking
Officer to make SCB Wealth Thailand’s wealth management leader, targeting AUM surpassing two trillion baht within three years
Siam Commercial Bank (SCB) has announced the appointment of Mr. Yunyong Thaicharoen as its new Chief Wealth Banking Officer in an effort to boost the bank’s wealth management advising expertise. The move intends to raise the bar for the professional standards of its financial advisory teams and revamp data intelligence for effective financial planning, with the goal of becoming Thailand’s wealth industry leader with AUM reaching two trillion baht within three years. To achieve its goals, SCB WEALTH will pursue the following four strategic initiatives: 1) Improving the quality of the Relationship Manager team through international training, which will result in SCB WEALTH having the greatest number of RMs credentialed by major Asian institutions in Thailand; 2) Developing and offering a comprehensive range of open architecture financial products, including pioneering new investment product options to make investing easier for clients; 3) Pursuing the highest returns possible in Thailand’s wealth business through an asset allocation portfolio strategy; and 4) Utilizing data and technology to precisely evaluate customer data and offer the most suitable investment solutions in conjunction with investment consultant team as Hybrid Advisory models, while increasing investment in digital technology to extend investment channels through the SCB Easy app, targeting 1.3 million users in 2024.
With the new appointment, Dr. Yunyong will serve as Senior Executive Vice President & Chief Wealth Banking Officer and Chief Wholesale Banking Officer, managing both high net worth individual clients and large corporations. Dr. Yunyong has worked in economics, finance, and investment for over two decades and possesses extensive knowledge, abilities, and competence in assessing economic and business trends, as well as the consequences of regulations and recent changes influencing both domestic and foreign investment. Additionally, he possesses vast experience designing company strategy, formerly holding senior roles at the Bank of Thailand and the Thailand Stock Exchange before joining SCB in 2018 as Senior Executive Vice President and Chief of the Economic Intelligence Center (EIC). Dr. Yunyong is responsible for the preparation of macroeconomic and business sector analyses that are widely accepted by investors and the general public. He also serves as a director of SCB Asset Management Co., Ltd. (SCBAM) and a member of SCB’s Investment Committee, as well as a consultant and speaker for external organizations and the general public. Dr. Yunyong earned a bachelor’s degree and a PhD in Economics from Massachusetts Institute of Technology (MIT), USA.
SCB Wealth Management has become a critical component of the Bank’s important mission driving its organization and one of the strategic units contributing to the Bank’s ongoing and sustainable growth. Dr. Yunyong will leverage his considerable experience, knowledge, and understanding of the economic sector, as well as onshore and offshore investment, to position SCB WEALTH as a pioneer in the development of investment solutions that truly satisfy customer expectations and help the Relationship Manager teams improve their professional skills even further.
Dr. Yunyong stated that he is ready to drive the wealth management business for HNWI clients in Thailand, leading SCB WEALTH to continue growing with customers. He will work to establish SCB WEALTH as an Advisory Capability Brand and to position the Bank as a leader as well as being a Top-of-mind brand in Thailand’s wealth management. SCB WEALTH, responsible for clients with net assets under management (AUM) of at least two million baht, currently has a customer base of approximately 400,000 HNWIs. AUM is estimated to reach two trillion baht by the end of 2024.
SCB WEALTH will accomplish this goal through the following four strategies: 1) Increasing the number of strong potential Relationship Managers who have completed international training courses, resulting in SCB WEALTH having the highest number of RMs accredited by Asia’s renowned institutions in Thailand. This will benefit in the development of a consulting model focused on Personalized Asset Allocation strategies tailored to each client in order to increase the likelihood of generating satisfactory returns based on a client’s risk tolerance; 2) Developing and offering a diverse range of investment products through Open Architecture, allowing customers to select investment products that meet their investment goals and risk appetite; 3) Generating consistently high returns in order to maintain a leadership position in the wealth management industry, using an appropriate asset allocation portfolio strategy as recommended by the SCB Wealth Advisory Team; and 4) Leveraging technology and data platforms to analyze customer investment data and provide a Hybrid Advisory approach that combines Relationship Managers, Investment Consultants, and intelligent investment planning tools such as wPlan that can organize investment portfolios to meet specific objectives. Additionally, SCB WEALTH will focus on digital investing to grow that investment channel via the SCB Easy application, with the goal of reaching 1.3 million digital investors by 2024.
