Bank of Ayudhya

Bank of Ayudhya Public Company Limited, branded and commonly referred to as Krungsri (sometimes stylized as krungsri), is the fifth largest bank in Thailand in terms of assets, loans, and deposits, and one of Thailand’s six Domestic Systemically Important Banks (D-SIBs).

Bank of Ayudhya
ธนาคารกรุงศรีอยุธยา

Native name	Bank of Ayudhya PCL (ธนาคารกรุงศรีอยุธยา จำกัด (มหาชน))
Company type	Public Company Limited
Traded as	SET: BAY
Industry	banking
Founded	1 April 1945 (1945-04-01)
Headquarters	1222 Rama III Rd, Yan Nawa, Bangkok 10120
Key people	Kenichi Yamato (President and CEO)
Services	Banking
Revenue	138,948 million baht (as of Dec 2023)
Net income	32,929 million baht (as of Dec 2023)
Total assets	2,768,295 million baht (as of Dec 2023)
Total equity	371,454 million baht (as of Dec 2023)
Number of employees	Krungsri Group 52,146 / Bank of Ayudhya 13,952 (as of Dec 2023)
Parent	MUFG Bank
Rating	Moody’s : A3
Website	krungsri.com

Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through branches and service outlets nationwide. Moreover, Krungsri currently has presence in 6 ASEAN countries, including Lao PDR, Cambodia, the Philippines, Vietnam, Indonesia, and a representative office in Myanmar.

History

Krungsri Ploenchit Tower, one of the offices

The Bank of Ayudhya Public Company Limited (or named Krungsri) officially opened its doors on April 1, 1945 and located on Talad Hua Ro Road, Hua Ro Sub-district, Krung Kao District, Phra Nakhon Si Ayutthaya Province. The Bank later opened its Bangkok office on Ratchawong Road, opposite the corner of Songwad Road, right at the heart of Bangkok’s vibrant business district at the time.

The Bank’s 25th anniversary in 1970 was marked with very auspicious event as the Bank was granted the royal warrant of appointment permitting the Bank to auspiciously display the Royal Garuda Emblem at the Head Office, thanks to the public’s trust in the Bank.

The Bank subsequently relocated its Head Office to a new building on Ploenchit Road. The new Head Office was considered one of the most modern office buildings in Asia at the time. The Bank found immediate public favor, grew rapidly, and listed on the Stock Exchange of Thailand on September 26, 1977.

In 1993, the Bank became a public company, and four year later was relocated to a new 36-story Head Office on Rama III Road.

In January 2007, Krungsri and GE Money, a global consumer financial services firm, have successfully become strategic partners, reflecting GE's commitment and confidence in Krungsri. The goal is to leverage the synergy of the two organizations enabling Krungsri to become a leading universal bank in Thailand.

In September 2012, GE Group informed the Office of the Securities and Exchange Commission (SEC) that it sold Krungsri’s 461,635,000 ordinary shares held by GECIH or amounting to 7.60 percent of all issued shares (6,074,143,747 ordinary shares) through private placement in SET. Consequently, GECIH held 1,538,365,000 ordinary shares or amounting to 25.33 percent of all issued shares (6,074,143,747 ordinary shares).

In 2013, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), which is wholly owned by the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest, made a voluntary tender offer (VTO) for all of Krungsri’s 6,074,143,747 ordinary shares at 39 baht per share. The purchase period ran from November 7 to December 13, 2013 (only business days), and GECIH sold Krungsri’s 1,538,365,000 ordinary shares, or 25.33 percent of all issued shares, under the same VTO arrangement (at

the tender offer price), to MUFG Bank.

Then on December 18, 2013, Krungsri was informed by MUFG Bank that the shareholders (including GECIH) had expressed their intention to sell their 4,373,714,120 shares in Krungsri, representing 72.01 percent of total issued shares, to MUFG Bank. As a result, MUFG Bank became Krungsri’s major shareholder.

In September 2017, Krungsri was recognized as “A Domestic Systemically Important Bank (D-SIB)” by the Bank of Thailand, playing a key role in driving the country’s economic engines and financial system.

Name and brand

After having undergone changes in the late 2000s, including the acquisition of GE Money Thailand, and Bank of Ayudhya unified its subsidiaries and rebranded. In 2014, the bank rebranded as "Krungsri" (shortened from กรุงศรีอยุธยา, "capital city/revered city Ayutthaya"), the bank's formal name and use tagline Make Life Simple. 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.

In February 2023, Krungsri launched its brand refresh and updated Thai slogan of “Make Life Simple” (“ชีวิตง่าย ได้ทุกวัน”), which will be used to drive business across Krungsri Group, elevate Krungsri branding to be relevant to today’s context, continue responding to the customers’ needs and behaviors, reflect the organization’s core value, and help drive Krungsri towards its business goals today and tomorrow. More importantly, this is in line with Krungsri's business direction and strategy under our brand positioning of being a global partner delivering simplicity through human-centric innovation so that you can focus on what matters”.

Distribution network

• Domestic branches: 590 (Krungsri Domestic Branches = 590 Branches, of which 550 are Banking  Branches and 40 are Auto Business Branches)
• Overseas branches: Vientiane, Lao PDR
• Representative Office (Myanmar): 1
• ATMs: 5,605
• Exchange Booths: 42
• Krungsri Exclusive: 44
• Krungsri The Advisory: 6
• Krungsri Private Banking: 1
• Krungsri Business Centers: 61
• First Choice Branches + Dealers: 89 + 21,307 respectively
• Krungsri Auto Dealers: 8,636
• Microfinance Branches (TIDLOR): 1,430
• Overseas Commercial Bank (HTB): 171
• EDC Machines: 51,777
• Banking Agents Touch Points: > 161,010

Major developments and acquisitions

• On 3 January 2007, Bank of Ayudhya (Krungsri) and GE Money, 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. 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 Limited (HKL), a leading microfinance 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.
• In August 2020, Hattha Kaksekar Limited, Krungsri’s wholly-owned leading deposit-taking microfinance institution in Cambodia, successfully obtained regulatory approvals to operate as a commercial bank under the name Hattha Bank Plc.
• In October 2020, Krungsri successfully acquired 50% stake in SB Finance, Inc. operating consumer finance business in the Philippines.
• In March 2023, Krungsri successfully acquired Capital Nomura Securities PCL. (CNS) and has been rebranded as Krungsri Capital Securities PCL. (KCS).
• In May 2023, Krungsri successfully acquired 50% charter capital in SHBank Finance Company Limited (SHB Finance) in Vietnam.
• In June 2023, Krungsri successfully acquired Home Credit in the Philippines, which are 1) HC Consumer Finance Philippines, Inc. (HCPH), 2) HCPH Financing 1, Inc. (HCPH1), 3) HCPH Insurance Brokerage, Inc. (HCPHI)
• In October 2023, Krungsri successfully acquired Home credit in Indonesia.

Subsidiaries, Joint Ventures, and Associate

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

• Auto HP 
  • Ayudhya Capital Auto Lease PCL. (AYCAL)
  • Krungsri Leasing Services Co., Ltd. (KLS)
• Microfinance 
  • Ngern Tid Lor Public Company Limited (TIDLOR)
  • Krungsri Non-Deposit Taking Microfinance Institution Co., Ltd. (KSM)
• Commercial Bank 
  • Hattha Bank Plc. (HTB)
• Securities 
  • Krungsri Securities PCL. (KSS)
  • Krungsri Capital Securities PCL. (KCS)
• Investment 
  • Krungsri Asset Management Co., Ltd. (KSAM)
• Leasing 
  • Ayudhya Development Leasing Co., Ltd. (ADLC)
• IT Services 
  • Krungsri Nimble Co., Ltd. (KSN)
• Asset Mgmt. 
  • Krungsri Ayudhya AMC Ltd. (KAMC)
• Credit Card
  • Krungsriayudhya Card Co., Ltd. (KCC)
• Personal Loan & Sales Finance
  • Ayudhya Capital Services Co., Ltd. (AYCAP)
  • Lotus’s Money Services Ltd. (LMP)
  • General Card Services Ltd. (GCS)
• Debt Collection 
  • Total Services Solutions PCL. (TSS)
• Support 
  • Siam Realty and Services Security Co., Ltd. (SRS)
  • Hattha Services Co., Ltd. (HSL)
• Life Insurance Broker 
  • Krungsri Genesis Company Limited (KGS)
  • Lotus’s Life Assurance Broker Ltd. (LLAB)
• Non-Life Insurance Broker 
  • Krungsri General Insurance Broker Ltd. (KGIB)
  • Lotus’s General Insurance Broker Ltd. (LGIB)
• Venture Capital  
  • Krungsri Finnovate Co. Ltd. (KFin)
• Consumer Finance 
  • SB Finance, Inc. (SBF)
  • SHBank Finance Company Limited (SHBF)
  • HC Consumer Finance Philippines, Inc. (HCPH)
  • HCPH Financeing 1, Inc. (HCPH1)
  • HCPH Insurance Brokerage, Inc. (HCPHI)
  • PT. Home Credit Indonesia (HCID)

Shareholding Structure

Rank	Major Shareholders	Shares #	Shares %
1	MUFG Bank, Ltd. BAY Account	5,655,332,146	76.88
2	Stronghold Assets Company Limited	166,536,980	2.26
3	The Great Luck Equity Company Limited	166,478,940	2.26
4	GL Asset Company Limited	166,414,640	2.26
5	BBTV Satelvision Company Limited	166,151,114	2.26
6	BBTV Asset Management Company Limited	163,112,900	2.22
7	Bangkok Broadcasting & T.V. Co., Ltd.	160,789,220	2.19
8	Mahakij Holdings Co., Ltd.	158,726,810	2.16
9	Tun Rung Rueng Co., Ltd.	157,889,440	2.15
10	Super Assets Co., Ltd.	51,421,714	0.70
11	C.K.R Company Limited	48,528,834	0.66
	Other shareholders	294,379,035	4.00
	TOTAL	7,355,761,77	100.00

(as of 7 September 2023, Latest record date)

See also

List of banks in Thailand