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Business trends

Siam Commercial to shut 750 branches by 2020 but no layoffs

Lender to halve banking staff as it goes digital and focuses on consumer loans

Siam Commercial Bank Chief Executive Arthid Nanthawithaya said that a new focus on consumer loans is part of the bank's three-year vision. (Photo by Yukako Ono)

BANGKOK -- Siam Commercial Bank, the country's third largest bank by assets, plans to close nearly two-thirds of its branches and halve its commercial banking workforce to 1,500 by 2020 as it adopts more digital technologies such as mobile banking and artificial intelligence.

It plans to leave open just 400 branches which will be staffed by around five, down from the current 10 per branch. But the bank said that it does not plan to lay off any staff and instead will offer those made redundant by the changes positions in investment advisory and private wealth. 

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