Krung Thai (or Krungthai) Bank Public Company Limited (KTB)
Krung Thai (or Krungthai) Bank Public Company Limited (KTB)
Krung Thai (or Krungthai) Bank Public Company Limited (KTB) (Thai: ธนาคารกรุงไทย) is a state-owned bank under license issued by the Ministry of Finance. KTB's Swift code is KRTHTHBK.
The bank came into being on 14 March 1966 following the merger of two government-owned banks, Kaset Bank and Monton Bank. The merged banks were then named "Krungthai Bank Limited", bearing its logo as an image of the Vayupaksa bird, which is also used by the Ministry of Finance.
On 2 August 1989, Krungthai Bank was the first state enterprise to list its shares on the Stock Exchange of Thailand (SET). Its major shareholder is the Ministry of Finance through a shareholding of 6,184 billion shares by the Financial Institutions Development Fund (FIDF), accounting for 55.31 percent of total shares.
In addition to commercial banking activities, Krungthai Bank has served as a channel for financial services in support of governmental initiatives. It does this by lending to businesses of certain types, such as One Tambon One Product (OTOP) loans, ICT computer loans, and educational loans. Moreover, the bank is used by most government agencies for disbursements. For example, the revenue department issues tax refunds via Krungthai cheque and it handles disbursement of government funds such as pension payments.
During Thailand's economic crisis, the bank supported the government policy of stimulating the national economy by providing the "Thai Khem Kheng Stimulus Package 2012" to boost liquidity.
In 2016, Krungthai was selected as "Best Trade Finance Provider in Thailand 2016" by Global Finance magazine based on input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included: transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.
As of February 2017, Krung Thai has the largest number of domestic branches of any Thai bank, 1,210.
Krung Thai finished its fiscal year 2017 (31 December 2017) with assets of 2,559,991.06 million baht, revenue of 156,973.75 million baht, net profit of 22,440.01 million baht, and total equity of 287,861.26 million baht. Krungthai Bank's financial service under Sharia law, also known as Krungthai Shariah Bank, provided financial services in accordance with Islamic law. It was transferred to the Islamic Bank of Thailand on 9 November 2005.
