SCIB directors name Chaiwat new president

DARANA CHUDASRI

Siam City Bank directors yesterday named Chaiwat Uthaiwan its new president, effective March 15.

''The board met and agreed that Mr Chaiwat was a suitable candidate. He has strong experience in retail banking and banking technology, two areas that will complement Siam City Bank's strategy,'' said chairman Sompol Kiatphaibool.

Mr Chaiwat, currently the head of AIG Finance, is a career banker, with previous experience at Citibank, Thai Danu Bank and Bangkok Bank.

Mr Sompol said yesterday's board meeting was chaired by independent director Sathit Limpongpan, a representative of the Finance Ministry.

Yesterday's meeting came after directors last year failed to appoint a new president in a conflict with the central bank's Financial Institutions Development Fund, which is SCIB's single largest shareholder at 47.58%.

The Bank of Thailand had favoured Chulakorn Singhakowin as the new SCIB president, after the former Bank of Asia chief scored the highest during a qualification review.

However, SCIB directors wanted to appoint Lersak Chuladesa, a bank first senior executive vice-president, despite the fact that he trailed Mr Chulakorn in the scoring.

SCIB directors subsequently agreed to delay the nomination and eliminate a formal search process in order to avoid a showdown with the central bank on the issue.

Jariya Vejabhuti, the chairman of the SCIB union, said it remained unclear why Mr Lersak had withdrawn his candidacy for the top post.

''As for Mr Chaiwat, we will have to see what his policies are for the bank before the union can comment,'' she added.

SCIB shares closed yesterday on the Stock Exchange of Thailand at 16.60 baht, unchanged in trade worth 48.48 million baht.

General News
Bangkok Post
Thursday January 25, 2007