Bank branch numbers shrink by 36 in first two months of 2017
BANKS have continued to shut branches, with their number shrinking by 36 in the first two months of this year, Bank of Thailand data shows.
Kasikornbank topped the number of shutdowns, with 17 branches, followed by Thanachart Bank with 16 branches, and Krungthai Bank, three branches. TMB Bank took out three branches, Standard Chartered Bank (Thai) shut down two and Siam Commercial Bank closed one.
However, Bangkok Bank added three branches and Bank of Ayudhya one branch over the two months, as did Industrial and Commercial Band of China (Thai) and Thai Credit Retail Bank.
Somboon Chitphentom, assistant governor for Financial Institutions Policy Group at BOT, said that branch closures, rather than openings, marked a trend for commercial banks that has continued into this year.
Somboon attributed this pattern to the changing consumer behaviour and the spread of financial technology, along with cost savings at the banks.
