Subhak Siwaraksa is new CEO of BankThai

BankThai announced the appointment of Subhak Siwaraksa as its new CEO and President.

Subhak was recently the President and CEO of TMB Bank, and he had held various positions as well as Directorships at Bangkok Expressway and ThaiCom since the start of his TMB career in 1990. He was also Chairman of the Board of Directors of TMB Asset Management Company and recently Director, Executive Director and Chairman of Compensation Committee of Export-Import Bank of Thailand (EXIM).

Group Chief Executive of CIMB Group Dato’ Sri Nazir Razak said Subhak’s appointment was part of CIMB Group’s plans to move the bank forward. "We are confident that we have the right person to spearhead BankThai as it forges ahead with its turnaround plans."

At a press conference welcoming the new BankThai President, Nazir also provided a progress update on the on-going work at BankThai. "With regards to BankThai’s transformation programme, we have completed the diagnostic phase and have commenced the implementation of a series of quick wins. These include process improvements, cross-selling initiatives, products expansion and a review of our network," Nazir said.

Subject to approvals, BankThai will adopt the name CIMB Thai Bank Public Company Limited as part of its transformation programme. The new corporate identity and brand will be introduced to the Thai market in the second quarter of 2009.

Subhak Siwaraksa, expressing his commitment to BankThai’s plans, said, "I am confident that the transformation taking place at BankThai is a major step forward. Our phased approach is strategic and I look forward to relaunching BankThai and its renewed value proposition in the coming months," he said. "We will aim to offer a comprehensive range of products and services leveraging on CIMB Group’s regional capabilities," Subhak added.

CIMB Group is the largest shareholder of BankThai with 93.15 percent shareholding. The Bank is currently the 11th largest commercial bank in Thailand in terms of total assets and has 147 branches across the country.