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Bank of Ayudhya Public Company Limited,
brand A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create an ...
ed and commonly referred to as Krungsri (sometimes stylized as krungsri), is the fifth largest bank in Thailand in terms of assets, loans, and deposits. Through its branches and service outlets are in Thailand and abroad, the company provides banking, consumer finance, investment, asset management, and other financial products and services to small and medium enterprises, large corporations and individual customers.


History

The Bank of Ayudhya was established on 27 January 1945 in Phra Nakhon Si Ayutthaya Province, the old capital of Thailand. The bank opened its doors on April 1, 1945, with registered capital of one million baht. In 1970, the bank's head office was relocated to
Ploenchit Road Phloen Chit Road ( th, ถนนเพลินจิต, also spelled Ploenchit, ) is a major road in central Bangkok. Located entirely within in Lumphini Subdistrict of Pathum Wan District, it runs a short distance of between Ratchaprasong In ...
, coinciding with the bank's celebration of the royal appointment (garuda) emblem, granted by the king to the bank on 15 May 1970. The bank was listed on the
Stock Exchange of Thailand The Stock Exchange of Thailand ( th, ตลาดหลักทรัพย์แห่งประเทศไทย), or SET, is the only stock exchange in Thailand. Founded on 30 April 1975, it is ASEAN’s 2nd largest after Singapore and the ...
on 26 September 1977, trading symbol, "BAY". On 3 January 2007, Krungsri and
GE Capital GE Capital is the financial services division of General Electric. The company currently only runs one division, GE Energy Financial Services. It had provided additional services in the past; however, those units were sold between 2013 and 2018 ...
became strategic partners. GE Capital and Ratanarak Group were major shareholders with a 33 percent and a 25 percent stake in BAY, respectively. In September 2012, GE announced the sale of 7.6 percent of its stake in Krungsri via a number of block trades, reducing their ownership to 25.33 percent. On 18 December 2013,
MUFG Bank is the largest bank in Japan. It was established on January 1, 2006, following the merger of the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd. MUFG is one of the three so-called Japanese "megabanks" (along with SMBC and Mizuho). As such, ...
, Ltd., the wholly owned subsidiary of
Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. MUFG holds assets of around US$3.1 trillion as of 2016 and is one of the "Three Great Houses" of the Mitsubishi Group alongside Mitsubishi Corpor ...
(MUFG), Japan's largest banking group, replaced GE Capital as the major shareholder of Krungsri.


Name and brand

After having undergone changes in the late-2000s, including the acquisition of GE Money Thailand, and to reach its goal of becoming one of the top three banks in Thailand, Bank of Ayudhya unified its subsidiaries and rebranded. In 2014, the bank
rebrand Rebranding is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors ...
ed as "Krungsri" (shortened from กรุงศรีอยุธยา, "capital city/revered city
Ayutthaya Ayutthaya, Ayudhya, or Ayuthia may refer to: * Ayutthaya Kingdom, a Thai kingdom that existed from 1350 to 1767 ** Ayutthaya Historical Park, the ruins of the old capital city of the Ayutthaya Kingdom * Phra Nakhon Si Ayutthaya province (locally ...
"), the bank's formal name. In the media, the formal and colloquial names are used interchangeably, while for the bank's own marketing (such as logos, URL, storefronts, ATMs, bank cards and promotional material) "Krungsri" is used.


Distribution network

* Domestic branches: 695 (658 banking branches and 37 auto-business branches) * Overseas branches: 3 (
Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
,
Vientiane Vientiane ( , ; lo, ວຽງຈັນ, ''Viangchan'', ) is the capital and largest city of Laos. Vientiane is divided administratively into 9 cities with a total area of only approx. 3,920 square kilometres and is located on the banks of ...
,
Savannakhet Savannakhet (ສະຫວັນນະເຂດ), officially named Kaysone Phomvihane ( lo, ໄກສອນ ພົມວິຫານ; th, ไกสอน พมวิหาน) since 2005 and previously known as ''Khanthaboury'' (ຄັນທະ ...
) * Exchange booths: 95 * ATMs: 6,250 * Krungsri business centers: 83 * Krungsri Exclusive Banking Zones : 29 * Krungsri First-Choice branches and dealers: 112 and 16,689 respectively * Krungsri Auto Dealers: >7,000 * Micro finance branches: 382


Major developments and acquisitions

* On 3 January 2007, Bank of Ayudhya (Krungsri) and
GE Money GE Capital is the financial services division of General Electric. The company currently only runs one division, GE Energy Financial Services. It had provided additional services in the past; however, those units were sold between 2013 and 2018. ...
, a global consumer financial services firm, became strategic partners. * On 14 February 2008, Krungsri completed its acquisition of GE Capital Auto Lease Public Company, Ltd. (GECAL). On the transfer date, GECAL recorded 78.01 billion baht in assets and 75.28 billion baht in outstanding loans, resulting in a 17 percent increase in the bank's portfolio on that date. GECAL was later renamed Ayudhya Capital Auto Lease Company Limited (AYCAL). * On 8 April 2009, Krungsri completed the acquisition of AIG Retail Bank PCL (AIGRB) and AIG Card (Thailand) Company Limited (AIGCC). The value of the transaction was 1.6 billion baht. Krungsri's acquisition of both entities resulted in an increase of 32.8 billion baht in the bank's assets, 21.9 billion baht in loans, 18.6 billion baht in deposits, and approximately 222,000 credit cards. * On 9 September 2009, Krungsri completed the acquisition of CFG Services Co., Ltd. (CFGS), a subsidiary of
American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
. CFGS, better known as "Srisawad Money on Wheels", is one of Thailand's providers of micro-finance with a presence in the title loan market. * On 5 November 2009, Krungsri completed the acquisition of GE Capital's consumer finance businesses in Thailand. The acquisition of GEMT accelerated the growth of Krungsri's consumer banking portfolio by increasing its retail lending portfolio from 36 percent to 42 percent of Krungsri's total loans. With the addition of GEMT's current portfolio, Krungsri is the largest card issuer in Thailand with over three million cards in circulation, serving over eight million customers. * In March 2012, Krungsri completed the acquisition of HSBC Thailand's retail banking businesses, including credit cards, personal loans, mortgages, and deposits with an estimated consideration of 3.6 billion baht. As a result of the transaction, Krugnsri Group's assets grew by roughly 17.5 billion baht or 1.8 percent, increasing retail loans from 45 to 46 percent of total loans. * On 5 January 2015, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) Bangkok Branch was successfully integrated into Krungsri, in accordance with the One Presence Policy of the Bank of Thailand. Krungsri issued 1,281,618,026 ordinary shares to BTMU for the transfer of the business of BTMU Bangkok Branch. * 22 April 2015 Krungsri opened a representative office in Yangon, Myanmar, with an aim to support Krungsri's corporate and SME clients in capturing business opportunities in the country. * 13 September 2016 Krungsri acquired
Hattha Kaksekar Hattha Kaksekar Limited or HKL (translated literally from the Khmer, "Farmer's Hand" or "A Helping Hand for Farmers") is a microfinance institution and a deposit-taking institution in Cambodia. In terms of loan portfolio, HKL is ranked fourth and it ...
Limited (HKL), a leading
microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...
in Cambodia, with becoming a Krungsri Group subsidiary. * 27 March 2017 Krungsri set up new subsidiary, Krunsri Finnovate Company Limited, Venture Capital business under the regulatory and investment guideline set up by the Bank of Thailand. * 27 September 2017 Krungsri was recognized as a domestic systemically important bank (D-SIB) by the Bank of Thailand - assessing not only our size but also our interconnectedness and the role Krungsri plays in contributing to financial sector stability and development as well as economic growth for Thailand.


Subsidiaries, associates and joint ventures

Bank of Ayudhya's investments in subsidiaries, associates and joint ventures net as of 31 December 2016 and 2015.


Major shareholders

: As of 9 September 2016


See also

List of banks in Thailand In Thailand, the banks are governed by the Bank of Thailand, which was established in 1942. Across Thailand, there are thirty licensed banks which are registered with a further six being state-owned. In total they have a combined assets of 26.2 ...


References

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