TTB denies merger talks with Krungthai, dismisses Thai media reports

The TMBThanachart Bank (TTB) on Friday rejected speculation of a potential merger with Krungthai Bank (KTB) or any other financial institution.

In an internal message, TTB’s CEO Piti Tanthakasem dismissed reports from Thai media outlets claming merger discussions were ongoing between TTB and the state-owned Krungthai Bank. 

He said that TTB’s board of directors had never considered or discussed such a move, nor had they instructed the management to pursue it. Piti also confirmed that no merger plans were included in TTB’s five-year strategy. 

“TTB’s current focus is on ‘Making REAL Change’, aimed at improving the financial lives of over 10 million customers. This is achieved through our ‘Ecosystem Play’ strategy, which targets customer groups where we possess significant expertise,” Piti said. 

He further iterated that TTB is dedicated to transforming the organisation comprehensively to enhance its competitiveness and customer financial well-being. 

“Our goal is to grow alongside our customers, partners and affiliates in a sustainable manner. Achieving this mission requires the full cooperation of all employees, working under the motto ‘One Team, One TTB’,” he said.

Krungthai Bank also issued an official statement on Friday to reject the merger rumours. Pongsit Chaichutpornsuk, KTB’s chief legal compliance and financial crime officer, stated that the bank’s board had not passed any resolutions or provided instructions related to a merger. 

“KTB insists that both the board and management remain focused on driving the organisation under the vision ‘Standing by Thailand, Towards Sustainability’, prioritising the growth of the nation, its people and Thai businesses in an inclusive manner. This vision is achieved through strategic partnerships and integrating relevant business ecosystems,” Pongsit added. 

He also said that KTB was exploring growth opportunities, both within the bank and its affiliate companies, to create and sustain value for shareholders. This aligns with KTB’s “Corporate Value Creation” strategy, which focuses on enhancing skills and fostering long-term value. 

The rumours, which circulated via media outlets and social media on Friday, speculated that a KTB-TTB merger would create a “Super Bank” with combined assets of 5.36 trillion baht, surpassing Bangkok Bank (BBL) as Thailand’s largest bank by asset size. 

As of latest data, KTB’s total assets are valued at 3.74 trillion baht, while TTB’s are worth 1.72 trillion baht.