Best bank
Kasikorn Bank Best equities house
Phatra Securities
Best debt house
Deutsche Bank
The change of name from Thai Farmer?s Bank to Kasikorn, or K-bank, was more than just a neat rebranding. The change also meant a shift in attitude and management style. The bank has cleaned itself up after the Asian financial crisis and is now growing fast.
Kasikorn is the third-largest bank in Thailand by assets, loans and deposits. Its roots as an agricultural bank mean that its 496 branch network spans all of Thailand?s 76 provinces. The bank also boasts more than 1,100 ATMs. As a major retail bank, Kasikorn has benefited enormously from the revival of the Thai economy.
Although there is still much progress to be made in the bank, it is already reaping the rewards of its restructuring and the benign economic environment. NPLs, though substantial, have shrunk already. The bank earns a solid net interest margin of about 2.5% and its return on equity is one of the highest in Thailand.
In December 2003, the management of Phatra Securities led a management buyout of its joint venture with Merrill Lynch that had seen Merrill Lynch Phatra consistently lead the market in primary and secondary offerings. The split was amicable and Phatra shows no ill effects from being without its powerful US partner. In fact, Phatra has continued to dominate the market.
Phatra completed the three largest IPOs in Thailand over the past 12 months and in total raised more than $1.15 billion for Thai issuers, with a market share of about 27% ? comfortably ahead of competitors.
With 20 trading, sales and research professionals, Deutsche Bank?s commitment to Thai debt markets is unquestioned. The bank is ranked number one for Thai bond issuance with more than $1.0 billion raised.
Key deals completed were the issue by the Kingdom of Thailand, a $300 million FRN that was sole-led by Deutsche Bank and five- and seven year bonds issued by The Aromatics (Thailand) Plc. Deutsche Bank also launched the first rated commercial paper programme for a Thai company, for Esso (Thailand).
