SCB trims retail banking unit amid debt avalanche

S iam Commercial Bank (SCB) is scaling back its retail banking business in response to the country's elevated household debt and the adoption of artificial intelligence (Al).

- SOMRUEDI BANCHONGDUANG

SCB, Thailand’s fourth-largest bank by total assets, has restructured its retail banking operations into consumer banking since May this year. The transformation covers retail banking, branch networks and employees, said chief executive Kris Chantanotoke.

Following the transformation, he said the bank will gradually reduce its workforce of around 18,000 employees and 651 physical branches. However, the final numbers will depend on changing customer behaviour and the pace of digital banking adoption, said Mr Kris.

“The major local banks each employ around 18,000 to 19,000 staff. Over the next 5-10 years, this figure is expected to fall to 10,000-15,000, in line with the growth of digital banking” he said.