BAM in the business of pulling people out of debt
AS A BUSINESS charged with helping people overburdened by debt, Bangkok Commercial Asset Management Co (BAM) has a strong policy of corporate social responsibility (CSR) to help disadvantaged people recover financially, company president Krit Sesavej said
“Our business itself is CSR because the main idea is how to help the people restructure their debt and recover from the burden. In this way we help such people become productive again,” he said.
Serving 11,804 customers with non-performing assets (NPAs) amounting to Bt37.09 billion, and 70,918 with non-performing loans (NPLs) worth Bt392.62 billion, when the company succeeds in restructuring their debt, it helps them return to doing business.
The company also has a policy to pay back some of its income to society, in four categories: education, sport, religion, and donations for the disadvantaged.
For education, the company offers 1,000 scholarships of Bt3,000 per student each year. The scholarships provide for the student from primary school through to university.
Recipients are selected from student applications or chosen among the children of BAM customers, or from the communities around its head office and its branches nationwide.
The company also has a budget for renovation of schools in remote areas. Schools may apply for this aid, or it may be based on nationwide surveys.
BAM also supports job creation for the disadvantaged with its Tem Fan Pan Nam Jai (Fulfil Dreams, Share Kindness) campaign. Money is donated to foundations, hospitals
and individuals.
“The main idea is to help disadvantaged people stand by themselves in the long term rather than need support all the time,” Krit said.
The company’s concern is sustainable recovery, not just handing out money. As a result, it will offer training so people can create a career for the future.
Sport and religion are also waysto get people interested in their health and being concerned about the country’s culture.
“If people can pay back their loans by use financial tools such as a haircut to some of the debt, extending the period of repayment and so forth, that will help them recover and be able to do business again.
“That is why we say our business is CSR by its nature, because when we succeed in restructuring our customers’ debt that means we can help them stand on their own feet again,”
he said.
However, BAM’s other CSR activities are a way to share its benefits from the business to people in society, he said.
