KBank’s executive vice-president Chatchai Payuhanaveechai has been appointed the 16th president of the Government Savings Bank (GSB).
He will replace Worawit Chailimpamontri, who resigned from GSB in March, following the bank’s controversial decision to extend a 5-billion-baht ($156.25-million) loan to the Bank for Agriculture and Agricultural Cooperatives (BAAC).
The loan, which was earmarked to finance overdue payments to farmers under the rice-pledging scheme, triggered strong public outcry and a temporary deposit run of 110 billion baht ($3.437 billion) at the GSB.
The GSB’s selection committee nominated a 54-year-old Chatchai as the sole candidate for the bank’s top post.
Of the eight applicants, the bank’ s board interviewed four before finalising Chatchai.
The other three,who were running for the top post included GSB’s acting president and first senior executive vice-president Tachaphol Kanjanakul, GSB’s senior executive vice-president Pisit Serewiwattana and Krungthai’s senior executive vice-president Parinya Patanaphakdee.
According to Somchai Sujjapongse, chairman of the board, GSB, they nominated Chatchai because of his leadership skills and outstanding vision.
Chatchai will talk to GSB’s remuneration committee today about his salary and benefits. After that, they will submit the details to the Finance Ministry for final approval. The bank expects him to join the post mid of November, Somchai added.