Siam Commercial Bank reigns supreme as Bank
Siam Commercial Bank reigns supreme as Bank of the Year 2023
Siam Commercial Bank (SCB) has been honored with the prestigious Bank of the Year 2023 award by Money & Banking Magazine at the Money & Banking Awards 2023 ceremony, which recognizes outstanding performance and business excellence in the banking industry. This accomplishment reflects SCB’s unwavering commitment to continuously strive to become “A Better Bank.” The award was presented by Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand.
Mr. Kris Chantanotoke, Chief Executive Officer of Siam Commercial Bank, expressed his pride in receiving the Bank of the Year 2023 award, noting that, “SCB, as the cornerstone of the SCBX group, remains dedicated to generating favorable returns and aspiring to be “The Most Admired Bank.” The bank’s overarching vision revolves around enhancing all aspects of its operations and evolving into “A Better Bank”. Its focus is on becoming the top digital bank in wealth management, delivering a seamless and interconnected service experience across various channels. SCB also emphasizes the importance of maintaining a balanced credit portfolio to ensure sustainable growth, thanks to its dedicated employees who consistently deliver high-quality services to customers.”
Looking ahead to 2023, SCB has outlined key strategies to further its progress toward becoming a better bank:
Comprehensively digitizing processes to enhance operational efficiency and stability. The bank aims to further create digital products and services while establishing seamless connectivity across digital and omnichannel channels. It also seeks to improve and modernize its infrastructure to boost flexibility and expand its service capabilities.
Strengthening wealth management services for all customer segments. SCB’s approach involves a three-dimensional strategy, which includes providing comprehensive services that cater to both personal and business wealth management needs. The bank intends to enhance the quality of financial advisory services through the skill development of relationship managers and the use of digital consulting tools. Additionally, SCB aims to establish partnerships with a wide range of entities to offer a comprehensive suite of wealth management services.
Maintaining a balanced lending portfolio and implementing risk-adjusted yield management. SCB emphasizes generating favorable returns while maintaining tight risk control measures and managing operating costs judiciously. The bank aims to keep the expense-to-income ratio below 40 percent and focus on serving high-quality customers. It also intends to enhance asset quality during periods of rising interest rates and economic uncertainty.
Prioritizing sustainability practices aligned with international standards. SCB aims to play a leadership role in sustainability by supporting its customers’ transition to Net Zero Carbon Emissions through green credit and related financial solutions. The bank is also committed to aligning its operations with international environmental, social, and governance (ESG) standards. To achieve this, SCB has set a goal of channeling an additional 100 billion baht into Green Financing during 2023-2025.
The Bank of the Year 2023 award, presented by Money & Banking magazine, was based on the performance of twelve commercial banks in 2022. This marks the 15th time that Siam Commercial Bank has received this prestigious accolade, having previously won in 1985, 1989, 1990, 1991, 1992, 1996, 1997, 2000, 2006, 2009, 2012, 2013, 2015, 2017, and now in 2023.
