Thread: SCB to reduce number of branches to 400

BANGKOK, 22nd January 2018 (NNT) - Siam Commercial Bank (SCB) is to reduce the number of its branches to 400 over the next few years, as it shifts predominately to online banking solutions to meet customer demand.

SCB President & CEO Arthid Nanthawithaya said today that banks have been forced to change the way they service clients, amid fierce competition in the commercial banking sector and widespread adoption of new technology. In addition, the revenue structure of banks has drastically changed from the 30:70 ratio of fees to interest rates in the past, to a new reality where banks can expect less revenue from interest rates in future.

This year, SCB aims to increase banking efficiency, high-yield lending, digital banking, data utilization, and support for small businesses. Its main sources of revenue will be corporate loans, consumer loans, and wealth management.

Notably, SCB plans to lessen the number of branches it operates from 1,153 to 400 and employee numbers from 27,000 to 15,000, in order to focus on online banking, technological innovations, and data solutions.

National News Bureau Of Thailand | SCB to reduce number of branches to 400

Originally Posted by misskit

as it shifts predominately to online banking solutions to meet customer demand.

maybe they should fix their online banking clunky interface

SCB's planned layoffs not related to Minimum Wage issue: Labor Ministry

BANGKOK, 24 January 2018 (NNT) – The planned closure of branches and employees layoff by Siam Commercial Bank (SCB) were not related to an increased Minimum Wage.

Labor Ministry Spokesperson Petcharat Sinauy said the SCB's plans to reduce the number of its operating branches to 400 and to lay off some 12,000 employees were merely the bank's moves to merge branches in shopping malls which will respond more to the modern lifestyle of its general customers.

She said some of the employees might be transferred to the bank's branches in shopping malls, while others might be given choices of either working at the headquarters or voluntarily resigning.

The spokesperson added the decision was not related to the increased Minimum Wage and that the Ministry of Labor looks to provide assistance and protection to the affected employees by law.

National News Bureau Of Thailand | SCB's planned layoffs not related to Minimum Wage issue: Labor Ministry

SCB is doing what foreign banks are doing in the west (downsizing and e-banking), Thai banks are somewhat a few years ahead on schedule considering how weak is their e-banking system, the number of security issues and customers habits but they can shift from traditional banking if they put themselves into it.

Authorities want a cashless society to collect more tax so ahead of schedule or not Thai banks must develop e-banking use.