It is very hard to come across a leader that is able to maintain its position in the market not only over decades but over a century and that is exactly what this bank has been able to achieve. Its timeless success is born out of its long experience balanced with its ability to innovate to stay ahead of the times. It is the acknowledged leader of banking in Thailand.
Blaze to brilliance
The very foundations of the banking system in Thailand were laid with SIAM Commercial Bank, it would, in fact, be correct to say that SIAM Commercial Bank formed the very foundation of the economy in Thailand. It all began in 1904 with the foundation of a pilot project on the behest of the visionary, H.R.H. Prince Mahisorn. The brother of the reigning monarch at the time, he came to understand that if Thailand was to be a strong and independent economy, the first thing it would need would be a commercial bank. He launched the project on a small scale and a trial basis and called it “the Book Club”. Just two years and three months after the establishment of the project, the SAIM Commercial Bank was launched with full fanfare and fervour. It had a seed capital of 3,000,000 baht, and this initial investment has grown over the years and made the bank a leader in the banking sector. H.M. King Rama V, who passed the royal decree with which the bank was established, had a vision for it to help the Thai economy achieve financial independence and rely on itself for further growth and this is exactly what the bank has achieved over the decades.
The bank has served as a model for all subsequent banks that have come up in the country. With a hundred and nine years of experience in the banking sector the bank has built a deep seated trust for its brand name amongst all its consumers. It has also utilised these years to lay down for itself a huge network of associates and investors that have helped the bank on its journey towards excellence. The bank has been a pillar of support for the Thai economy since its very inception and it has changed and modified itself according to the financial and political needs of the country, be it through a period of change from absolute monarchy to constitutional monarchy or the period of rapid infrastructural and institutional development in the 1950s and the decades that followed. It underwent a period of expansion during this period to support the needs of the growing economy. The faith that the bank has inculcated in over a century of serving the country’s banking needs is unmatched by any other. Its status as an unchallenged leader has been garnered through its experience as well as its ability to keep up with the times and serve the country in whatever way possible
Engagement that enthralls
Today the bank provides a whole range of banking services that are at par with the best in the world and are moulded according to the needs of the Thai audience at the same time. It provides a whole range of personal, business and wholesale banking services like investment, insurance, loans, consultancy and advisory services and its innovative UPTOME services. The bank works in tandem with the whole SCB group that spans a plethora of financial services. The group thus provides the bank with the advantage of a fully integrated financial services provider. The group has operations in the asset management sector, in the securities sector as well as the insurance and life insurance sector. Working in synergy with all its sister companies the bank is able to provide its audience with solutions like the “Flexi Heritage” Life Assurance which is a result of the SIAM commercial bank’s collaboration with SIAMLIFE. In keeping with the latest in technology all across the globe the bank has extended its internet banking services to its consumers with the aim of providing easy and safe aces to consumers, reduce paperwork and make it a delight for the consumer to bank with SIAM. The bank is well on its way towards becoming the first choice for consumers, businesses and investors.
The bank with its long history understands the importance of innovation to keep itself ahead of the competition. It has modified itself and kept itself technologically updated in order to stay ahead of the competition. It was the first bank in the country to bring in the ATM technology to its consumers. It opened the first machine in 1983 for public use. The bank was also the first to offer telephonic banking services to its consumers. It has been the prerogative of the bank to build an image of a technologically superior institution that works for its consumer’s comfort. With innovative schemes and expansion of its branches to national and international locations the bank has been the harbinger of change and technological advancement in the Thai banking sector.
The bank has shown tremendous growth in the past as well as the present. It has achieved the highest market capitalization among all the financial institutions in Thailand. This shows the bank’s ability to not only achieve but maintain leadership. The bank also boasts of the largest network throughout the country. It also has the largest number of kiosks for foreign exchange in Thailand. The bank’s achievements have been commemorated with various International awards like the “Best Bank in Thailand” by Euromoney and it was ranked at number one by Forbes in its list of Thai Banks.