Vorapak selected as KTB's president

 

 

A source who asked not to be named said that the board should make an official announcement soon after they completed the negotiation on remuneration. 

Before the  official appointment,  there are further  formalities.  After settling employment  terms, the bank will submit his name for  the  approval of the  Bank of Thailand. The whole process  should be completed before Apisak Tantivorawong steps down in November.

Vorapak was among several potential candidates including Soros Sakornvisava, former president of SME Bank; and Chaipatr Srivisarvacha, managing director of KT Zmico Securities.

Vorapak has extensive experience in capital markets and investment banking. Before taking the job at Finansa Securities, Vorapak was a senior executive vice president at Siam Commercial Bank and held a senior management position with JPMorgan Chase and Deutsche Bank. He was also Bank of America's manager for Thailand. 

 

Krung Thai Bank, the second-largest bank by assets, has been a major tool in financing government-supported projects, including the rice-pledging scheme and infrastructure projects. 

 

CIMB Securities (Thailand) said in its research note that Vorapak's appointment is positive to the bank, thanks to his vision to expand retail and SME lending and boost its fee income base to peer standards.  

"Given his strong credentials, we believe Vorapak is a favourable choice for KTB’s shareholders. Apisak is leaving behind a much-improved banking operation, one that could achieve much more with continued capable leadership. Our only reservation  about the incoming president is if he can familiarise himself with KTB’s working culture or change its culture to suit his preference," it said.