KASIKORNBANK (KBank), one of the largest commercial banks in Thailand, has chosen the Avaloq Banking Suite to support the growth of its private banking and wealth management business.
KBank Private Banking, the leading provider of banking and wealth services to High Net Worth Individuals (HNWIs) in Thailand with a market share of around 40%, has selected Avaloq to upgrade its customer service infrastructure and to improve internal processes. The project will be Avaloq’s first in Thailand, strengthening its position in the APAC region.
Established in 1945 and formerly known as Thai Farmers Bank, KBank had total assets of Bt2,863 billion (USD85.8 billion) as at the end of September 20171. KBank Private Banking has around USD20 billion in assets under management and a market-leading position in Thailand, with strong aspirations to grow further by capitalising on the significant increase in HNWIs in the country.
KBank has selected Avaloq to increase and improve operational outcomes across a number of key areas including customer service, client relationship management and risk management.
In December 2017, Avaloq strengthened its presence in the region with the appointment of Chris Beukers, who has joined the Group Executive Board as the head of Asia Pacific. Under his leadership, Avaloq intends to substantially grow its presence in the APAC market.
Chris Beukers said: “We are delighted to welcome KBank to the Avaloq Community. With a well-established footprint and multiple customers in Singapore, Hong Kong and Australia, we are very pleased to be expanding to Thailand. As the Thai market continues to both expand and mature, we believe that KBank, which already has a significant market share of the domestic private banking market, will be able to strengthen its position as a market leader.”
Jirawat Supornpaibul, KBank Private Banking Business Group Head, said: “The private banking and wealth management sector in Thailand is seeing significant growth and, as a consequence, the market has become very competitive. While we have a very strong market position, we do not rest on our laurels. It is very important to invest for growth and partner with best-in-class suppliers that can give us a real competitive edge not just in terms of the customer interface but also fundamentals such as a strong internal risk management framework. This is why we have selected Avaloq to take our private banking business forward.”
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