Government Savings Bank (GSB) ( th, ธนาคารออมสิน) is a state-owned Thai bank headquartered in Phaya Thai District,

Bangkok Bangkok, officially known in Thai as Krung Thep Maha Nakhon and colloquially as Krung Thep, is the capital and most populous city of Thailand. The city occupies in the Chao Phraya River delta in central Thailand and has an estimated populati ...

. GSB's Swift code is GSBATHBK.

History

King Vajiravudh (Rama VI) introduced a means to save money to Thailand in 1913. His purpose was to introduce Thai people to banking services and to promote a habit of thrift and saving. King Vajiravudh issued an act, effective 1 April 1913, to formally set up a "Savings Office" which began its operations under the Royal Treasury. In 1929, in a period of economic depression, King Rama VII permitted the transfer of the bank to the Post and Telegraph Department of the Ministry of Commerce and Transportation(Currently using the name Office of The National Broadcasting and Telecommunications Commission) to make it more convenient for citizens. The bank established new businesses such as travel savings, capital accumulation savings, and house deposit savings. By the end of 1936, a total of 104 branches of the Government Savings Bank around the country. After World War II, the government, recognizing the benefits of savings as well as the role that the Savings Office played in financial development, transformed it into a

juristic person A juridical person is a non-human legal person that is not a single natural person but an organization recognized by law as a fictitious person such as a corporation, government agency, NGO or International (inter-governmental) Organization (suc ...

, to be operated independently under the supervision of a board of directors appointed by the finance minister as mandated by the Government Savings Bank Act B.E. 2489 (1946). The office was renamed the Government Savings Bank (GSB), effective 1 April 1947. GSB is now a juristic person and state enterprise operating as a financial institution guaranteed by the government under the supervision of the

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

. GSB operates 1,141 branches throughout the country.

Performance

The bank showed total assets of 2,259,016 million baht as of 31 December 2014, ranked number four in the Thai banking sector. Net profit was 22,231 million baht, increasing 322 million baht or 1.5 percent over the previous year.

References

{{authority control Banks of Thailand Companies based in Bangkok Thai brands State enterprises of Thailand Government-owned banks 1913 establishments in Siam Banks established in 1913