Dr.Subhak Siwaraksa, new president and CEO of BankThai
Dr.Subhak Siwaraksa has become the new president and chief executive officer of BankThai, currently controlled by Malaysia’s CIMB Group, since March 17, 2009.
The appointment of Dr.Subhak, former chief executive officer of TMB Bank, was reported to the Stock Exchange of Thailand (SET) after its board of directors’ proposal had received an approval from the Bank of Thailand.
Dr.Subhak, 52 years old, received a Bachelor’s degree in English literature and economics from Georgetown University, USA, and a Master’s degree from Fletcher School of Law and Diplomacy, Tufts University, USA, and a PhD in econometrics and monetary econometrics from the University of Pennsylvania, USA.
He was formerly the president and chief executive officer of TMB Bank from 2003 to July 2008, during which he had involved in the integration of TMB (formerly Thai Military Bank) with DBS Thai Danu and the Industrial Finance Corporation of Thailand. Dr.Subhak left TMB in 2008 after ING Bank became the bank’s largest single shareholder.
He had also served the executive chairman of TMB Asset Management Co and a director of the Export-Import Bank of Thailand.
CIMB Group became the single largest shareholder in BankThai after completing its purchase of a 42.13 percent stake in the bank from the Financial Institutions Development Fund for 5.9 billion baht on November 5, 2008 and later on Nov 20, 2008, making a tender offer for the remaining shares of BankThai. Now, CIMB Bank owns some 92 percent of BankThai.
CIMB, Malaysia’s second largest financial services provider and one of South-East Asia’s leading universal banking groups, plans to recapitalise BankThai by end-March at an approximate cost of 5.0 billion baht to enable the bank to compete effectively again.
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