Thailand’s Bank of Ayudhya, also known as known as Krungsri, has adapted its wealth-management strategy and will now mainly focus on managing the cost of funds and providing investment options.
"The bank had to adapt its wealth-management strategy to be in line with the investment options of Thais who look for products beyond deposits," nationmultimedia.com quoted Krungsri executive vice president Kris Chantanotoke as saying.
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The Thai bank is banking on arrival of Bank of Tokyo-Mitsubishi (BTMU) as the strategic shareholder to expand its line-up of wealth products.
According to the website, besides referring the payroll accounts of Japanese companies in Thailand to Krungsri, BTMU is also expected to introduce its partly owned partner Morgan Stanley.
Krungsri intends to utilize Morgan Stanley services to offer global research to middle-income customers though Plan Your Money and wealth customers through Krungsri Exclusive.
The integration with BTMU, which is expected to be completed this year, will help Krungsri adjust its cost of funds.
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