New CEO wants SCBS to be top dog

Boonchai Sriprachaya-Anunt said the first priority was to develop SCBS into the top investment bank, making it more universal than a broker.

He said the company would cooperate effectively with Siam Commercial Bank and other subsidiaries of the bank to provide one-stop service to customers, which would in turn support the bank's efforts to become a premier universal bank.

ML Chayotid Kridakorn, former CEO of SCB Securities, has reportedly resigned because of his disagreement over business strategy with the parent bank.

"We'll further expand our main businesses such as securities trading, research, investment banking and private wealth management and we will do cross-selling with Siam Commercial Bank and other associated companies in many products," said Boonchai.

The company aims to become one of the top three in the brokerage business in terms of market share, which was 4.8 per cent in the first four months of the year, while the target is 5.5 per cent at the end of the year.

It will also balance its businesses for risk management by not focusing only on securities trading, which was the main company revenue worth Bt623 million last year, compared to total revenue of Bt741 million.

The new CEO will work with his management team to devise a business plan and offer it to Siam Commercial Bank in September.

Boonchai has over 16 years' experience in investment banking and securities businesses with leading securities firms such as Phatra Securities and Kim Eng Securities.

Boonchai said the strong points of SCBS were that it had Siam Commercial Bank as a strategic shareholder, which assures it is able to respond to all customers' needs with a strong capital base, placement power and distribution channels through over 900 bank branches, a strong base platform and competent staff.