Best bank 2025: Kasikornbank
Kasikornbank has once again been recognised as Thailand’s best bank, amid ongoing economic uncertainties and the challenges facing Thailand’s economy. This achievement is attributed to its strategy implementation, robust financial performance, and leadership in retail digital innovation.
From a strategic standpoint, the bank successfully executed the K-Strategy 3+1 framework in 2024, emphasising balanced and efficient growth. Key priorities included enhancing credit quality, expanding fee-based income through investment and payment solutions, and strengthening sales and service models to reinforce KBank’s leadership in digital banking.
In terms of financial performance, the bank reported strong results in 2024. Net profit rose by 14.6%, while net operating income increased by 2.7%. The surge in net profit was further supported by an 8.8% reduction in expected credit losses.
Regarding capital and market position, KBank maintained its strong standing in 2024. It ranked second in loans to customers and accrued interest receivables, with a market share of 15.7%. The bank also secured third place in both deposits and total assets, with market shares of 15.5% and 14.8%, respectively.
On the digital front, KBank continued to lead in digital payments by offering cost-effective solutions through its K PLUS platform. By the end of 2024, K PLUS had reached 23.1 million users and held a 30% share of the digital payment market.
Best investment bank 2025: Kiatnakin Phatra Securities
Kiatnakin Phatra Securities (KKPS) was named Thailand’s best investment bank in 2024, driven by its strong performance in equity capital markets (ECM), debt capital markets (DCM), and multiple M&A transactions, as well as the expansion of its digital platforms – despite challenging market conditions marked by volatility, negative returns and declining liquidity.
In ECM, KKPS led Thai Airways’ Bt38.8 billion ($1.1 billion) capital restructuring – the largest debt-to-equity conversion and equity fundraising under a rehabilitation plan in Thai history. The bank also led seven of the 10 largest IPOs in Thailand in 2024.
KKPS distributed Bt58.1 billion in debt instruments during the year, representing 6.54% of all domestic long-term corporate bonds. Notable deals included a Bt25 billion sustainability bond for AIS – the largest ESG bond in Thailand’s telecom sector – and Bt8 billion in sustainability-linked bonds for Minor International. These transactions underscore KKPS’s innovation and leadership in sustainable finance and investor engagement.
In the M&A space, KKPS played a pivotal advisory role in several high-profile transactions, demonstrating the firm’s strong execution capabilities, deep regulatory insight, and reputation as a trusted adviser in Thailand’s capital markets.
On the digital front, KKPS enhanced its offerings through platforms targeting mass-affluent clients, improving digital research and data libraries, and expanding market access for its clients.
Best investment bank for DCM 2025: Bank of Ayudhya
With a portfolio of 38 THB bond mandates during the year, Bank of Ayudhya strategically managed significant issuances for leading companies including Thai Beverage, Gulf Energy Development and Siam Cement Group, in addition to the Kingdom of Thailand’s sovereign issuance.
The bank leveraged its market position to support first-time and ESG-focused issuers, making a footprint in ESG financing. Its accomplishments in sustainable finance are illuminated by its role in Thailand’s inaugural sustainability-linked bond by the Kingdom of Thailand, the first blue bond from the Export-Import Bank of Thailand, and a pioneering sustainability-linked bond in the hospitality sector by Minor International.
Its product innovation extended to digital infrastructure bonds, consent solicitations, and credit rating advisory, aligning with evolving market needs while supporting sectors such as telecom, energy and finance. Despite volatile market conditions in 2024, the bank maintained strong investor relationships, tailoring bond structures to maximise participation and achieve extraordinary oversubscription rates.
Bank of Ayudhya’s dedication to superior execution, investor engagement and team collaboration across various functional groups, including MUFG and retail distribution teams, underpins its capability to meet market demands effectively.
Best investment bank for M&A 2025: BofA Securities
BofA Securities excelled in delivering strategic advisory and execution support on high-impact cross-border M&A and ESG-driven mandates.
BofA Securities’ case was strengthened by its globally coordinated execution platform. With teams spread across Bangkok, Singapore, Hong Kong and London, the bank provided round-the-clock execution support that facilitated seamless coordination and effective stakeholder management throughout the transaction process.
A key highlight from the past year included acting as a buy-side financial adviser for national petroleum exploration and production company PTTEP in its acquisition of a 25.5% interest in the Seagreen Offshore Wind Farm in the UK. The deal, valued at £522 million ($699 million), marks PTTEP’s inaugural venture into European renewable energy.
This acquisition not only expanded PTTEP’s portfolio into sustainable energy but does so with considerable economic efficiency. BofA Securities structured the deal at an entry EV/installed capacity multiple of 1.80x, significantly below the market average of 3.82x, ensuring an attractive internal rate of return. The project itself is notable thanks to its capacity of 1,075MW, and ranking among the largest offshore wind initiatives in the UK.
Best investment bank for ECM 2025: UBS
UBS has continued to demonstrate strategic agility and strong performance in Thailand’s equity capital markets, consistently adapting its approach to changing conditions.
Over the past year, the bank emerged as a market leader in equity underwriting, guiding several public offerings and securing a substantial share of overall deal flow. Amid heightened volatility and lower trading volumes, UBS’s equity capital markets division delivered meaningful revenue growth, fuelled by the strength of its operational strategies and market adaptability.
Furthermore, UBS showcased its capacity for innovation by structuring pioneering IPO-style depositary receipt transactions, effectively bridging gaps in investor familiarity and delivering post-listing returns that outpaced the broader market benchmark. In a headline engagement, the bank served as both adviser and underwriter on a major real estate investment trust capital raise, deploying a novel online subscription platform to broaden investor access and achieve full subscription.
Despite a challenging economic backdrop and a notable slowdown in new issuance, UBS executed a series of high-impact deals across finance, consumer goods, agribusiness, services and real estate, bolstering its already strong position in Thailand’s investment banking sector.
Best digital bank 2025: Bangkok Bank
Bangkok Bank has systematically expanded its digital services across southeast Asia, improving regional payment connectivity and growing its range of financial products and security measures.
As southeast Asia’s largest bank and Thailand’s leader in assets, Bangkok Bank has expanded its real-time cross-border QR payment services to include Laos, boosting Asean’s regional payment connectivity.
The bank’s mobile banking platform has seen significant innovations. Newly introduced features included the ability to lock/unlock credit cards, QR payments via Weixin Pay and UnionPay, cross-bank cardless withdrawals and scheduled transactions. These developments provide Thai travellers in China with scan-to-pay options and streamline credit card payments via QR code.
In product innovation, the introduction of the Bualuang Extra Savings account, tailored for mobile users and inclusive of accident insurance, marked a significant step forward. The digitisation of credit card and personal loan applications has also facilitated full online onboarding.
Bangkok Bank’s open banking initiatives included a pioneering e-wallet white labelling service, developed in partnership with a fintech firm, allowing corporate clients to launch e-wallets while outsourcing the backend operations. Additionally, the enhancement of its payment services hub to include real-time inbound transfer capabilities further solidifies its digital services framework.
In cybersecurity, the implementation of real-time fraud monitoring systems for credit and debit transactions enhances customer security and trust. Plus, its commitment to environmental and social responsibility is evident from its support for sustainability-linked bonds and projects focusing on green financing and renewable energy, aligning with its ESG initiatives.
Best bank for ESG 2025: UOB Thailand
UOB Thailand accelerated its ESG efforts in 2024, signalling a focus on sustainable finance, carbon management and support for small and medium-sized enterprises.
The bank has boldly committed to achieving net zero by 2050, concentrating efforts across six high-emission sectors, including energy, real estate and automotive. As part of its growing ESG commitment, UOB has updated its ESG policies, tightening financing restrictions in areas such as thermal coal and hydropower.
UOB’s financial performance was notable, with Bt33.96 billion ($1.05 billion) issued in new sustainable finance in 2024, a substantial increase from the Bt17.7 billion recorded in 2023. As a result, sustainable loans constituted 12.36% of its wholesale banking portfolio. Additionally, the firm has led Thailand’s market in underwriting ESG bonds, executing 113 deals within the research period, including several high-impact transactions in sectors ranging from aviation to hospitality.
UOB has also successfully maintained carbon neutrality in 2024, despite a 7% rise in greenhouse gas emissions following its integration with Citi. This was achieved through the purchase of 23,300 solar renewable energy certificates and 1,700 carbon offsets, alongside the implementation of 13 new solar rooftop projects generating 150,000 kWh of renewable energy.
In its internal operations, UOB has ensured that all employees completed mandatory ESG training, with additional specialised workshops for senior management. To support SMEs in their ESG journey, the bank launched the UOB Sustainability Compass, Thailand’s first online ESG readiness tool for SMEs.
Best bank for corporates 2025: Siam Commercial Bank
In a successful year for its large corporates franchise, Siam Commercial Bank demonstrated exceptional growth, innovative financing solutions and robust support for corporate and SME clients.
The lender showed prolific growth in the SME space, its SME loan portfolio stood at Bt250 billion ($7.7 billion), up from Bt200 billion in 2023.
To reach underserved entrepreneurs, the bank offered collateral-free loans for those without assets and excess-collateral loans that extend credit beyond the value of pledged collateral. Its SME Kla Hai programme remains central to nano- and microfinance outreach, delivering vital funding to the smallest enterprises.
On the digital front, SCB harnesses AI-powered credit assessments to accelerate decision-making and improve the experience for corporate clients. A robust presence on Facebook, YouTube and TikTok further strengthens engagement with customers in the segment, providing insights, guidance and community support.
Supporting this digital capability is a nationwide network of over 500 relationship managers, each armed with tablets for agile loan processing and backed by a 24/7 SME standby team. These managers also partner with the Thai Chamber of Commerce and the National Institute of Development Administration to deliver financial-literacy and business-strategy workshops, ensuring that entrepreneurs have both the capital and the know-how to grow.
Best securities house 2025: Maybank Securities Thailand
Maybank Securities Thailand stands out for its consistent demonstration of market excellence and innovative approaches in 2024.
The firm has strategically expanded its product offerings, venturing into institutional and international markets, and establishing two vital departments in 2024. These include its stock borrowing and lending services and investment solutions departments dedicated to broadening equity product ranges and catering to a diversified audience.
Maybank Securities’ robust performance in the equity capital markets has solidified its leadership, as underscored by executing major transactions including the Thai Credit Bank IPO, the largest in the Thai banking sector over the last five years, valued at Bt7.4 billion ($228 million). This IPO, alongside other landmark deals, helped the bank register a leading 21% market share and Bt6.95 billion in transaction value and contributed to the firm’s top position in Bloomberg’s Thailand equity league table.
In the realm of debt capital markets, the firm notably pioneered Thailand’s first perpetual bond for PTT Global Chemical, and launched a CGIF-guaranteed bond for VSK, which supports mid-sized corporate credit access. Its strategic focus on investment-grade bonds, with 71% of 2024’s volume rated BBB+ or higher, showcases a disciplined and quality-centric approach.
Additionally, Maybank’s investment banking and advisory business recorded year-on-year growth of 2,120% in fee revenue in 2024, reaching Bt111 million.
Best international bank 2025: UOB Thailand
UOB Thailand has distinguished itself through its significant achievements in integration, market expansion, financial performance and innovation.
In a strategic move that doubled its retail customer base to 2.4 million in 2024, the bank acquired Citigroup’s consumer banking business, catapulting itself to being one of Thailand’s top-three credit card issuers.
This expansion is underpinned by a strong financial standing, with a noteworthy increase in total assets by 7.2% to Bt945 billion ($29 billion) and customer deposits growth of 7.1% reaching Bt727 billion. The net interest income witnessed an impressive 15.5% rise to Bt12.6 billion.
On the digital front, UOB Thailand has pushed the envelope with the advanced UOB TMRW app featuring AI-powered financial insights and tools, which boosted its digital user base to 1.8 million in 2024, a 64% increase since 2023. The AI-driven chatbot Tia has notably enhanced customer response times and overall engagement.
Moreover, the bank’s robust digital initiatives extended to facilitating cross-border business, aiding over 450 companies in their expansion into Thailand and creating more than 31,000 jobs through foreign direct investment. UOB Thailand also introduced the digital financial supply chain management platform, improving financial agility within business supply chains.
In alignment with global sustainability trends, UOB Thailand provided Bt6.5 billion in transition finance for the nation’s inaugural sustainable aviation fuel plant and extended a Bt1.5 billion sustainability-linked loan to support Mitr Phol Sugar’s carbon neutrality ambitions.
The bank’s unwavering commitment to operational resilience and governance is reflected in its maintaining strong credit ratings and championing zero data privacy breaches and major compliance issues.
