Bangkok Bank Pcl, Thailand's third-largest lender by assets, on Thursday said it had agreed to buy an Thailand's largest lender, Bangkok Bank Pcl full-year net profit rose 7 percent on higher net interest income and fee income, it said on Friday. Quote and financial data from Refinitiv.
Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes. Latest Trade Change Volume 5,, Today's Range Pricing Previous Close. Having a branch network in Thailand and major economies of the world particularly in Asia, in line with the vision to be a regional bank, which has enabled the Bank to expand transaction banking capabilities to our overseas branches to facilitate businesses and increase the efficiency of financial management.
To survive, businesses must adapt, especially in terms of financial management to be as efficient as possible. For example, businesses can benefit from quicker financial transactions with less need for process and greater liquidity to cope with any emergency. At the same time, businesses have to manage relationships with partners and customers and explore new markets.
This will help transform the end-to-end domestic trading process and simplify the manual workflow, improving work efficiency and increasing opportunities for entrepreneurs to access funding conveniently and quickly. Pipat concluded. September 16, Bangkok Bank further develops its BeWallet application to meet the needs of Thai people travelling abroad. The upgraded BeWallet app allows customers to link their deposit account, debit card or credit card to scan Quick Response QR Code to pay for goods and services while abroad.
The service will be available today September 7, onwards. The Bank is confident that the service will meet the needs of travelers when countries are open for tourism again. Bangkok Bank Executive Vice President, Manager Credit Card Division, Shoke Na Ranong said that Bangkok Bank has continuously developed a wide range of solutions to reduce restrictions on the payment of goods and services while supporting the market and serving the lifestyles of today's customers which are constantly changing.
Recently, the Bank has further developed the BeWallet app to make it easy to make payments abroad by linking the app to a Bangkok Bank deposit account, debit card or credit card. Customers can simply open the app and scan the QR Code at stores to pay for goods conveniently and safely without having to carry cash or credit card.
This offers customers an alternative for convenient spending and secure payment. Customers can pay for goods and services globally even without credit cards. Especially when people travel overseas, this innovation can ease their worries about having to exchange money or carrying a lot of cash. With this service, customers can scan and make payments in a local currency at the Currency Real Time rate which means the payment amount deducted from the account uses the exchange rate at transaction time.
Customers can use the service via the BeWallet app. To make it more convenient, customers will be able to use the service via Bangkok Bank Mobile Banking soon.
This service does not only serve the needs of people traveling overseas. This is an important opportunity for the Bank to access this group of customers who are familiar with digital payment channels. This is in line with customer behavior in the New Normal era as they are cautious about physical contact including with cash or cards.
So, payments made with digital systems and QR Code scanning using a mobile phone fit well within this behavior. Our continuous push to encourage usage of QR Code payment will play an important role in promoting a more hygienic and inclusive cashless environment. The company is confident that this service will be well-received by customers wanting to travel overseas. Bangkok Bank Mobile Banking a.
Bangkok Bank approved that an interim dividend from the profit of the operations for the first half of the year be paid on September 23, at the rate of 1. Approved that an interim dividend for the operations for the first half of the year be paid on September 23, at the rate of 1. Bangkok Bank has successfully provided cross-border QR payments between Thailand and Indonesia emphasizing its status as a trusted regional provider of cross-border payments.
Prior to this, the Bank was the first bank to provide cross-border QR payments between Thailand and Vietnam in the first quarter of this year. The strength of the service lies in its safe and convenient transactions as well as its lower exchange rate fees. In addition, QR payments support a large number of retailers and has high customer awareness.
This service also reflects the reality of the New Normal era. The Bank is confident that this service will support long-term tourism recovery as the Covid situation unfolds. In March , Bangkok Bank was the first bank and the settlement bank to provide a cross-border QR payment service between Thailand and Vietnam. Under the cooperation between the Bank of Thailand BOT and Bank Indonesia BI , the service provides cross-border QR payments between these two countries which will increase efficiency and support the standardization of the financial infrastructure ecosystem across the region.
Meanwhile, this service provides great convenience while creating a positive experience and helps reduce international financial costs. With this cross-border QR payment service, customers can use the Bangkok Bank Mobile Banking application to scan and pay for goods in Indonesia, while customers of Indonesian banks that participate in the service, such as Permata Bank, can pay for products and services in Thailand with their respective bank apps. This service is safe and convenient, allowing customers to pay for goods and merchants to accept payments in their home currency with lower exchange rate fees than they would get by paying by credit or debit card.
QR payments are widely used and are an important tool in receiving payments for merchants both in Thailand and Indonesia as they can significantly help increase sales for the store. For example, merchants will not miss out on sales opportunities if customers do not carry enough cash to make purchases. Customers or consumers have also become highly familiar with the process and prefer to pay using a QR code.
Therefore, many stores support this type of payment. In addition, the service also reduces the use of cash to prevent the spread of Covid In Thailand, the number of e-payment transactions in , including QR code payments, reached Pornnit added that the Covid situation may still require restrictions on domestic and international travel or business dealings, which limits the use of cross-border QR payment services to certain groups of customers such as Indonesians working in Thailand or Thais working in Indonesia, as well as those making online cross-border purchases.
However, when the situation improves and regional travel opens up, particularly in major cities and economies, cross-border QR payments will play an important role in supporting the recovery, as it reflects the reality of the New Normal era in which there is less physical contact and more digital transactions.
Bangkok Bank would like to apologize for any inconvenience caused by its temporary maintenance of Bangkok Bank Mobile Banking on Saturday, August 7, from a. Other services are available as per usual. We apologize for any inconvenience caused. Chin's second son, Chatri, who was the bank's president from to , put the bank on a fast growth track.
Chatri is currently the bank's chairman, his eldest son Chartsiri has been president since The bank has been expanding abroad since when it opened its first overseas branch in Hong Kong. Branches in Tokyo and Singapore followed. Currently, Bangkok Bank has around 30 branches in more than 10 countries and regions.
It has an especially strong presence in China, where it has branches in major cities such as Shanghai and Beijing. All rights reserved. The projects are being financed under a public-private partnership structure. Another side of urbanization is the demand for wealth management products and insurance. This leads to another question. Would Chartsiri consider a merger, say with one of the smaller local banks such as Tisco Bank, in order to bag itself a consumer and hire-purchase business while boosting the size of its balance sheet?
So why does Thailand need more than a dozen? SCB has said it will slash the number of local branches from 1, to over the next three years and reduce the headcount from 27, employees to 15, in a bid to ready itself for the new digital banking era. Last year, it was one of the only commercial banks in Thailand to actually increase its branch network. As of May this year, it had a total of 1, branches nationwide, up from 1, at the start of Still, if the aim of technology is to lower fixed costs and boost efficiency in the long run, Bangkok Bank clearly needs to get in on the act fast.
Chartsiri believes the bank may already be having some success. A graduate of chemical engineering and management at the Massachusetts Institute of Technology, Chartsiri is well known for his meticulous style.
Chartsiri joined Bangkok Bank in February before working his way up the ranks to become a board member in April and two years later to take up his current post as chief executive and president. He follows in the footsteps of his father Chatri and grandfather Chin, who founded the bank in December Fellow bankers describe him as hard working, impeccably mannered and immensely private.
It is telling that in a world where everyone knows everything about each other, fellow bankers trot out the same old stories about him: that he burns the midnight oil and signs loan documents until the wee hours of the morning.
He wants to know every detail, but he takes too long to make decisions. It is very frustrating. But that does not make it right. A bigger issue lies with the board of directors, made up of 18 executive and non-executive members. A quick back-of-the-envelope calculation confirms the truth of this statement.
And the average? A solid 71 years — giving a total of 1, One argument for having these loyal and impeccably connected lieutenants on the board is that many of them helped to build up the business at Bangkok Bank and helped to bring it through the Asian financial crisis. But if the responsibility of the board is to lay down long-term strategy, on everything from fintech to the merits of retail banking, then clearly there is a problem.
There are signs of change at the top, which in time may be expected to trickle down through the ranks, presaging a changing of the guard. The appointment of Charamporn Jotikasthira, 61, to the board last year appears far-sighted. A former president of the Stock Exchange of Thailand, Charamporn previously worked at SCB, where he proved to be something of an IT visionary during his stint as chief information officer from to He does not.
Does he need the money? This guy is very savvy and he gets the disruptive nature of technology.
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