Siam Commercial Bank wins two awards, named Best Bank of the Year for Asia-Pacific region and for Thailand

The two awards demonstrated the Bank's resolve to turn its traditional company into a financial technology firm by implementing a major organizational restructure.

The Nation

The Nation



December 27, 2022

BANGKOK – Siam Commercial Bank (SCB) has once again proven its superiority by being selected for prestigious Best Bank of The Year in the Asia-Pacific region and Best Bank of The Year in Thailand 2022 awards for the third time in the last five years.
The Bank of the Year 2022 awards and ceremony were organized by The Banker, a provider of economic and financial intelligence for the global financial sector and a member of the world’s leading media outlet The Financial Times. The two awards demonstrate the Bank’s resolve to turn its traditional company into a financial technology firm by implementing a major organizational restructure that has resulted in dramatic changes to working styles and business practices. In the past year, the success of the transformation has begun to manifest itself in the form of higher earnings, a better capital position, decreased operating expenses, and enhanced operational efficiency.

In sharing the good news, Siam Commercial Bank Chief Executive Officer Kris Chantanotoke revealed, “Amid the influx of new digital technology that has disrupted traditional banking operations and completely changed the landscape and competitive context of the banking business, SCB foresaw the need for its current ongoing major organization restructuring to support our banking business, both now and in the future. The Bank must be mindful of a variety of challenges, particularly non-bank competition. Success will depend on how well the business portfolio manages to address the many issues and requirements of the target market. Increasing the use of digital technology to back digital sales, raising revenue from strategic partners, decreasing the cost-to-income ratio, and keeping a solid capital basis are all part of the plan.”

“The Bank recognizes that a major reorganization necessitates the cooperation and resolve of all employees to adapt their mindsets and attitudes in the best way possible. It will involve learning to use modern technology, adjusting approaches, and increasing productivity through the use of more technology, with the belief that the cooperation of employees will allow us to maintain standards and provide the best services and experience to customers who have always placed their trust in the Bank’s services. Siam Commercial Bank has every reason to be proud to have won these prestigious accolades.”

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