Top 5 Banks in Thailand in 2024

Thailand is a fast-growing market with a dynamic local economy. It's also home to modern legal and banking systems that make it an ideal place for entrepreneurs and businesses looking to expand into the region.

If you’re looking to open a corporate bank account in Thailand, you've come to the right place.

This article will explore the top five banks that offer corporate banking services in Thailand.

The Bank of Thailand

There is one to rule them all! The Bank of Thailand is the Kingdom's central bank and governs all the rest.

Established in 1942, the Bank of Thailand is the agent that deals with international financial markets and organizations, as well as the central banks of other countries. 

Internally, the Bank of Thailand helps manage the entire country's economy with the Ministry of Finance.

Together, they give a lot of independence to individual businesses, focusing instead on creating and sustaining an economy of growth.

The Bank of Thailand issues the Thai baht (THB). Like many currencies around the world, it was originally a unit of weight of silver or gold.

Law and regulations:

According to Section 4 of the Financial Institution Business Act, B.E. 2551, “financial institution business” can engage in corporate banking. Some of them are:

• "Commercial bank" provides a full range of services for all types of customers, except for insurance underwriting, brokerage, trading, and underwriting securities.
• "Retail bank" that serves small businesses. They serve small and medium-sized businesses and low-income customers. These banks can provide all of the same financial services as banks with a full range of services, except for businesses related to foreign currencies and derivatives.'
• “Foreign commercial bank’s subsidiary” and “Foreign commercial bank’s branch”

Here, we will detail the top five banks in Thailand for corporate banking and commercial and retail banking.

1. Kasikorn Bank

Information as of June 2024 [*]

Kasikorn Bank was established in 1945, just at the end of World War II.

In keeping with the Thai population at the time, the Bank focused on helping farmers. Back then, it was known as Thai Farmers Bank.

As the country's economy grew, so did Kasikorn.

When the rapid expansion of the 80s and 90s led to the economic crisis of 1997, Kasikorn responded with its "Reengineering Policy" which helped it get through and eventually thrive again.

The Bank has also been at the forefront of important banking advances.

In 1973, it was one of the first banks to offer credit cards, and it was the first bank in the world to offer secure mobile phone payments.

2. Siam Commercial Bank

Information as of June 2024 [*]

Registered as a public company in 1993, Siam Commercial Bank, or SCB, is the very first Bank in Thailand.

It was founded by the Royal Charter in 1907. SCB is known for focusing on industries such as insurance, real estate, and leasing, but its influence extends much further than that:

The very first ATMs in Thailand were SCB-issued. 1983 was a good year!

SCB recently put a new strategic plan into action that "responds to rapid change in the financial services industry, which is being reshaped by digital technology, regulatory change, and new consumer behavior."

3. Bangkok Bank

Information based on Bangkok Bank's Report 2024 [*]

Bangkok Bank is a lot younger than SCB, but it made an outsized mark on the economy.

The Bank is the corporate finance leader in Thailand and is the 6th largest bank in Southeast Asia. Bangkok Bank is also the retail bank leader with over 17 million customer accounts.

Its International reach is noteworthyIts International reach is noteworthy; the Bangkok Bank has 31 offices in 14 countries.

In 2022, Bangkok Bank was named  Thailand's Most Admired Brand by BrandAge Magazine.

4. TTB Bank (TMB)

Information as of June 2024 [*]

TMB Bank was established by Sarit Tanarat, a Field Marshal in the Thai Army who came into power through a coup in 1957.

During these turbulent times, Sarit was known for trying to reform the country through sometimes questionable practices— including using an ax himself to destroy an opium den. He was obsessed with modernizing and revitalizing the economy, and his policies worked.

Within just a few years, Thailand's gross national product showed eight percent yearly growth, and formerly poor areas of the country began to see relief. 

TMB Bank became a commercial bank in 1973 and continued its success.

In 2015, it was named the Best Managed Bank in the Asia Pacific region and was the first Bank in Thailand to achieve the honor. 

In 2021, TMB was renamed “TMBThanachart Bank”or “TMBThanachart (ttb)”

5. Krungthai Bank

Information as of June 2024 [*]

Krungthai Bank first came to be in 1966. In 1989, it was the first state enterprise to list on the Stock Exchange of Thailand.

KTB is known as "The Convenience Bank" - it has the most domestic branches of any bank in Thailand and focuses on servicing rural areas that often have few banking options.

The bank also operates overseas with branches in Vietnam, India, Cambodia, Laos, China, the United Kingdom, Myanmar, and Singapore.

Conclusion

You should now be familiar with the top 5 banks in Thailand, as well as some of their most notable features.

However, there are many other banks that we haven't covered here—so we recommend you do your research and find the one that works best for you.