SCB ready to shutter two of four branches at airport

[Mid]

SCB ready to shutter two of four branches at airport
Monday December 08, 2008
SOMRUEDI BANCHONGDUANG

Siam Commercial Bank plans to shut two of its four branches at the passenger terminal at Suvarnabhumi Airport due to projections of falling demand and passenger traffic.


TMB operates 18 foreign-exchange counters and one bank branch at Suvarnabhumi.

Praves Suttirat, an SCB executive vice-president, said the country's tourism sector would be significantly affected by the global economic recession and domestic political turmoil.

Tourist arrivals and airport passenger totals are both expected to drop in 2009, particularly after the Suvarnabhumi and Don Mueang airports were forced to close last week by anti-government protesters.

Mr Praves said the bank saw four branches at the airport as excessive relative to customer demand.

Uncertainty over the use of commercial space under concessions between Airports of Thailand and King Power International was another factor. SCB leases space from King Power at Suvarnabhumi.

SCB and TMB Bank were awarded concessions to open branches at the Suvarnabhumi terminal. SCB operates six branches, including one at the Thai Airways building and another at the Customs building.

But even as the bank closes two of its terminal branches, it plans to open another two foreign-exchange booths to complement its existing 18 booths at the airport.

SCB, the country's third-largest bank, will relocate staff from the two closed branches to work at the new foreign-exchange booths.

TMB operates one branch in the airport terminal and 18 foreign-exchange booths at the new airport.

Mr Praves said that SCB suffered no damage to its property from the eight-day closure, but it had suffered business opportunity losses.

He said the bank typically saw volume of around 10 million baht per day during the high season, but that from July to October, transaction volume had fallen by half from the same period last year.

Boontuck Wungcharoen, the chief executive at TMB Bank, said the bank had not changed its business strategy at Suvarnabhumi, and that its single branch and 18 foreign exchange branches would be maintained as normal.

bangkokpost.net

[bkkandrew]

^Excellent, more room for KP to sell overpriced tat.

[watterinja]

Who is the main shareholder in SCB - Siam Commercial Bank?

[killerbees]

Besides it long and proud history, the bank has a regal pedigree. The Crown Properties Bureau, the royal investment company, is the main shareholder.

I think you asked your question^ rhetorically, but as I didn't know I decided to check it out. Thanks.

Siam Commercial Bank – the oldest local bank in Thailand

[watterinja]

^ Yes...

[keda]

Not surprised they need to close if they've been buying at 64.75 to the £ and 31 to A$.