SUNDAY, April 14, 2024

Over 800 Thai bank branches shuttered during past year

Over 800 Thai bank branches shuttered during past year

Commercial banks in Thailand have shut down 801 branches over the past year, with Bangkok Bank recording the most closures.

As of the end of March, the number of commercial bank branches in Thailand stood at 5,553, down from 6,354 in the same period last year, according to the central bank.

Bank of Thailand’s statistics also shows that the top five commercial banks that closed the highest number of branches over the past year as of the end of March are:

1. Bangkok Bank: Closed 114 (1,014 in operation)

2. Siam Commercial Bank (SCB): Closed 110 (739 in operation)

3. TMBThanachart Bank (ttb): Closed 46 (622 in operation)

4. Bank of Ayutthaya (BAY): Closed 31 (635 in operation)

4. Land and House Bank: Closed 31 (77 in operation)

5. Kasikorn Bank: Closed 26 (836 in operation)

During the first quarter of this year alone, Bangkok Bank closed 45 branches, followed by SCB (15), ttb (14), Krung Thai Bank (8) and BAY (7).

Observers believe commercial banks are closing their branches because most customers prefer mobile banking and very few use over-the-counter services. Also, banks now prefer to set up branches in shopping malls instead of independent ones.