Finansa chief executive Vorapak set to become KTB president
Vorapak Tanyawong, chairman and CEO of Finansa Securities, is expected to be named Krungthai Bank's president next month, soon after the employment conditions are finalised. According to a source at the bank, the board of directors has yet to conclude t
After settling employment terms, the bank will submit his name to the Bank of Thailand for its approval. 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.
He has extensive experience in capital markets and investment banking.
Before taking the job at Finansa, Vorapak was a senior executive vice president at Siam Commercial Bank and held senior management positions at JPMorgan Chase and Deutsche Bank. He was also Bank of America’s manager for Thailand.
CIMB Securities (Thailand) said in its research note that Vorapak’s appointment is positive for the bank, thanks to his vision to expand retail and SME loans 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.
“Apisak had spent years at two state-owned banks before joining KTB but running a state enterprise would be a totally new experience for Vorapak. That said, future developments look promising,” it said.
The research note said that in his pitch to the selection committee, Vorapak addressed his vision to shift KTB’s focus towards more profitable retail and SME lending and boost its fee income generation closer to peers. His vast banking experience should come in handy.
Apisak said last week that KTB would focus less on loans related to government projects, but more on the private sector. Krungthai Bank, the second largest by assets, has been a major tool in financing government-supported projects, including the rice-pledging scheme and infrastructure development. The bank’s finances are considered stronger than in the past, thanks to the recapitalisation to cope with higher loan demand.
