Siam Commercial Bank is downsizing, going digital

BANGKOK, Jan 22 (TNA) -- Siam Commercial Bank (SCB) has announced that it will be downsizing its branches to 400 and staff to 15,000 within the next three years as it shifts to digital banking solutions. SCB President and CEO Arthid Nanthawithaya announced that a major restructuring is being planned to accommodate increased customer reliance on digital banking. The SCB hopes to see the downsizing accomplished in three years or by 2020. Mr Arthid stated that the SCB want to achieve a 30 per cent reduction in capital and will reduce its branches to 400 from 1,153 nationwide. Remaining branches will also become smaller with the contraction of regular over-counter services. Staff will also be reduced from 27,000 currently to 15,000. Employees from closed branches will be moved to the SCB Academy. The SCB does not employ a layoff policy as their annual voluntary retirement currently already stands at 3,000. Recruiting qualifications, however, will become more stringent focusing on newer generation of innovative thinking bankers equipped with online and digital banking skills. The main income for the bank will come from corporate and consumer loans and wealth management. The SCB plans to develop the largest technological and data driven Digital Banking Platform in the country within the next three years. (TNA)