Best for wealth transfer/succession planning in Thailand 2023
TMBThanachart Bank made headlines in May 2022 for all the right reasons: it became Thailand’s first commercial bank to issue blue bonds.
The $50 million deal was to protect marine ecosystems and came with buy-in from the International Finance Corporation. It was a big win for the bank, whose ambition to be a sustainability leader in Thailand is aimed, in part, at attracting the business of wealthy families mulling big generational transfers and succession planning.
Given that Thailand is a rapidly aging economy on the brink of a third-generation wealth shift, it is hard to think of a more potent narrative for a private bank aiming to boost its market share. It’s one of the reasons why the bank – whose head of retail strategy and omni channel experience is Natthawan Apiratanapimolchai – wins Asiamoney’s award for best private bank for wealth transfer/succession planning in Thailand this year.
Some 44% of TTB’s wealth management clients are 60 years old or more. The 41-60 age group accounts for 43% of the wealth group and the under-40 set accounts for 13%.