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  • Opinion – Media constantly force-feeding the “happy family” image is problematic

    Today is Mother’s Day in Thailand, and for weeks while it was approaching, I had kept seeing restaurants or brands announcing their Mother’s Day promotions all over social media. “Dine together with your mom and get a discount.” “Take your mom to lunch this Mother’s Day to get a free dessert,” and many more. I […]

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    Today is Mother’s Day in Thailand, and for weeks while it was approaching, I had kept seeing restaurants or brands announcing their Mother’s Day promotions all over social media.

    “Dine together with your mom and get a discount.”

    “Take your mom to lunch this Mother’s Day to get a free dessert,” and many more.

    I lost my mother 12 years ago so this time of year for me feels like a Minesweeper game where I’d have to dodge left and right in order to try to avoid being triggered.

    Those public relations campaigns using the “happy family” culture as a “marketing tool” make me sad and remind me of the fact that mine is dead. And I’m sure I’m not the only person in Thailand with a dead mom.

    I think it’s a considerate thing to remember that not everyone has a mother, whether it was from death or that simply just because you just don’t have one.

    Death is one thing, but when will our society ever accept that not everyone is from a happy, loving family? I feel like Thai media tends to amplify this whole “happy family” culture.

    The social pressure to be close to your family and to really love them unconditionally is just unreasonably ridiculous.

    The problem that comes with this is it doesn’t provide a safe space for the people to come out and speak up if they are from a terrible family background. People might feel they’d have to suck it up and believe that that’s just what “love” is.

    Or they might feel that if they come out to speak up about the problems in their families, people might judge them that they are from a broken home and are not from a happy family like the media keeps portraying a family to be.

    I know that because it took me 10 years to finally see a therapist about my mother’s death and speak up publicly about it with my friends. It took me that long because the society’s “happy family” image was putting a pressure on me, making me afraid people would think I was a weirdo for not having a mom.

    And it took me this long to finally write a public article calling out on this whole society’s “happy family” image BS.

    I’m not saying broadcasting a “happy family” image in the media is the worst thing in the world, I get it, some families are really happy. I just would like to see some diversity.

    When the media only shows one side of the story—any story, doesn’t have to be just about family—it doesn’t create an inclusive society, making people feel pressured to act or be a certain way, or be too scared to seek help.

    What the media can do better is to maybe not try to abuse the “happy family” image as a marketing tool. Like this local coffee brand PunThai coffee who started a Mother’s Day campaign by promoting the diversity in motherhood.

    There are many kinds of family and if your family is not super close and all lovey-dovey, that’s also ok, too. No family is perfect, and if the media can provide more diversity in family-love, I believe it would help people speak up more about their situation and finally get the help and support that they need without the fear of judgement.

    The post Opinion – Media constantly force-feeding the “happy family” image is problematic appeared first on Thai Enquirer.

    12 August 2022
    Main News
    https://www.thaienquirer.com/?p=42745
  • House speaker and whips agreed to another meeting on the list-MP calculation method on August 15

    Lawmakers will meet to discuss a draft bill to change the calculation method for party-list MPs for the last time before the bill expired on August 15, a representative of House Speaker Chuan Leekpai said on Thursday. “The three whips agreed for a meeting on August 15 from 9 am onward,” said Sukij Atthopakorn, an […]

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    Lawmakers will meet to discuss a draft bill to change the calculation method for party-list MPs for the last time before the bill expired on August 15, a representative of House Speaker Chuan Leekpai said on Thursday.

    “The three whips agreed for a meeting on August 15 from 9 am onward,” said Sukij Atthopakorn, an adviser to the House Speaker.

    A joint meeting of MPs and senators to discuss the third reading of the charter amendment bill was abruptly adjourned on Wednesday because of a lack of quorum.  

    The majority of MPs from the ruling Palang Pracharath Party (PPRP) and the main opposition Pheu Thai Party were absent during one of the countings of the quorum.

    The bill which was introduced by the ruling coalition aim to change the calculation method for party-list MPs from using 100 as a divisor to 500 passed its second reading but was held up in the third reading.

    Using 100 would benefit large parties such as PPRP and Pheu Thai while using 500 would benefit small parties as they would find it easier to gain a list-MP seat.

    By law, any bill that passed its second reading but did not pass its third reading within 180 days will naturally expire.

    The deadline for this bill is at midnight on August 15 and Wednesday was supposed to be the last meeting on the bill but the House Speaker decided that another meeting is warranted.

    Chuan met with the government, opposition and senator whips on Thursday to decide whether another meeting will be scheduled for the bill and the whips agreed for another session.

    However, if there is another lack of quorum, the bill will be dead for good.

    Representatives from small parties have also filed a petition to ask Chuan to set special meetings for Saturday and Sunday but the request was denied.

    Sukij said the request was turned down because the House Speaker has an important duty on Saturday and most MPs are not in Bangkok on Sunday.

    Democrat party-list MP Issara Sereewatthanawut who is a member of the House Speaker’s working committee said on Thursday that Chuan believe that another meeting on the bill was warranted to show the people that the House is trying its best to hear the draft law.

    However, if there is another lack of quorum, the consequences will be down to the lawmakers who forced the lack of quorum and they will have to explain to the public why they have done it, he said.

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    11 August 2022
    Current Affairs
    https://www.thaienquirer.com/?p=42734
  • BCP reports profit surge of nearly 200%, sees margins recovering as government allows flexibility on diesel prices

    Bangchak Corporation Plc (BCP), one of the leading oil refining and retailing firms in Thailand, reported a sharp increase in its second quarter profits of nearly 200% increase year-on-year. BCP, the country’s second-largest retailer of gasoline to consumers, which has spread its operations into upstream petroleum exploration and production in Europe, reported a net profit […]

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    Bangchak Corporation Plc (BCP), one of the leading oil refining and retailing firms in Thailand, reported a sharp increase in its second quarter profits of nearly 200% increase year-on-year.

    BCP, the country’s second-largest retailer of gasoline to consumers, which has spread its operations into upstream petroleum exploration and production in Europe, reported a net profit of 5.28 billion baht compared to 1.77 billion during the same period last year. The company made a profit of 4.36 billion baht in the first quarter.

    For the 6-months ending June 2022, BCP’s revenues from sales and rendering of services reached 152.85 billion baht, up 80% year-on-year and with earnings before interest, tax, depreciation and amortization (EBITDA) of 26.29 billion baht, up 192% year-on-year.

    “The increase in performance was partially supported by the change in accounting treatment regarding OKEA consolidation since Q3 2021,” BCP said in a statement to the Stock Exchange of Thailand (SET).

    The company said that it recorded a 1-time gain from the rise in oil prices. It said that the average Dubai crude oil price in the first half of 2022 was US$102.17 per barrel, an increase of $38.55 per barrel from the first 6-months of 2021. This led the company group to record an inventory gain of 8.45 billion baht which increased from the first half of 2021.

    BCP said that apart from this, the crack spread increased significantly in line with market mechanisms which fluctuate based on demand and supply. This has resulted in a significant increase in Operating GRM as well as a supporting factor for the refinery to increase the average crude run in the first half of 2022 to 122,300 barrels per day.

    The company said the price freeze put in place for diesel by the government of General Prayut Chan-ocha, impacted the margins for the company, despite the improvement in volumes as travel started to be more relaxed. BCP added that the situation is set to improve as the government has allowed the price to be more flexible in line with the global oil price situation.

    BCP, which owns 45.71% of the shares in Norway-based OKEA, said that this business saw a performance decline of 17% quarter-on-quarter, but it was a more than 1,000% increase year-on-year.

    During this quarter, OKEA’s sales revenue declined 19% quarter-on-quarter, mainly due to a decrease in gas prices sold to the UK, which is OKEA’s main market, where prices declined by 54% quarter-on-quarter.

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    11 August 2022
    Main
    https://www.thaienquirer.com/?p=42727
  • KEX shares dip nearly 7% as it continues to bleed for 3rd consecutive quarter hit by higher oil and competition

    Shares of Kerry Express (Thailand) Public Company Limited (KEX), a leading parcel delivery service in Thailand, dipped by nearly 7% during the morning trade on the Stock Exchange of Thailand (SET) after the company came out to report disappointing earnings for its 2nd quarter operations. KEX’s shares were down as much as 6.93% or 1.60 […]

    The post KEX shares dip nearly 7% as it continues to bleed for 3rd consecutive quarter hit by higher oil and competition appeared first on Thai Enquirer.

    Shares of Kerry Express (Thailand) Public Company Limited (KEX), a leading parcel delivery service in Thailand, dipped by nearly 7% during the morning trade on the Stock Exchange of Thailand (SET) after the company came out to report disappointing earnings for its 2nd quarter operations.

    KEX’s shares were down as much as 6.93% or 1.60 Baht on an active trade of more than 11.2 million shares by the end of the morning session at 12:30 hrs. The selloff in the shares came after KEX reported a 732-million-baht net loss in Q2 2022, -318% year-to-year.

    By mid-day shares of KEX were trading at 21.50 Baht down 1.60 Baht or 6.93%.

    The results of KEX were one of the worst since the downward spiral of earnings has hit the company since last year and KEX came out to say that the decline in the profitability of the company was mainly due to fewer working days, a tightening labor market, an upsurge in oil prices and Covid resurgence.

    During Q1 2022 KEX reported a net loss of 491.09 million Baht, while in Q4 2021 the company may have lost as much as 604.34 million Baht.

    During Q2 2022 KEX reported that the cost of sales and services as well as selling and administrative expenses (SG&A) went up 22.9% and 40.1% year-to-year respectively, which is in line with corresponding growth in delivery volume growth.

    The company also reported that sales and services income suffered slightly by dropping 6.9% year-to-year and 3% quarterly despite significantly gaining volume shares at 35.7% growth in the first half of 2022.

    Despite the losses, KEX remains optimistic due to their continued low prices and business diversification. In particular, they plan on investing in a joint venture with Hive Box, a smart locker service provider based in China, to establish a smart locker system in Thailand to serve potential demand for self-driving parcel delivery.

    Additionally, with S.F. Holding, a Chinese multinational delivery services and logistics company, becoming a major shareholder, KEX expects to have a stronger cross-border service with China. They plan to put effort in Q3 to launch the cross-border service to take advantage of more cross-border e-commerce between Thailand and China.

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    11 August 2022
    Main
    https://www.thaienquirer.com/?p=42719
  • Consumer confidence continues to pick up

    Thailand’s consumer confidence index increased for two months in a row, thanks to the reopening of the country of the lifting of Covid-19 restrictions. The University of the Thai Chamber of Commerce (UTCC) said on Thursday the consumer confidence index (CCI) increased from 41.6 in June to 42.4 in July. The index was 40.2 in […]

    The post Consumer confidence continues to pick up appeared first on Thai Enquirer.

    Thailand’s consumer confidence index increased for two months in a row, thanks to the reopening of the country of the lifting of Covid-19 restrictions.

    The University of the Thai Chamber of Commerce (UTCC) said on Thursday the consumer confidence index (CCI) increased from 41.6 in June to 42.4 in July.

    The index was 40.2 in May, compared to 40.7 in April, 42 in March, 43.3 in February and 44.8 in January.

    An index below 100 indicates weak purchasing power and a sluggish economy.

    “Consumers are beginning to feel that the economy is slightly improving from the Covid situation as businesses are now opening normally and tourists are beginning to return from the easing of entry regulations,” said Thanavath Phonvichai, the president of the UTCC.

    Thailand Pass has been lifted, entertainment venues have reopened which attracted more tourists and people are traveling again because they are less concerned over Covid. The university now expects around 8-10 million foreign tourists in 2022.

    However, consumers are still worried about domestic retail oil prices which continue to be at a high level despite the drop in benzene price and the continuous rising of costs of living and production.

    The UTCC currently expects that Thai economy to expand by 3-3.5% in 2022, down from its 5-7% projection in July.

    The university’s projection is now in line with the Fiscal Policy Office’s projection of 3.5%.

    “The recovery of the Thai economy will be clearer in the fourth quarter of this year as consumers’ spending is expected to pick up by the end of the third quarter,” Thanavath said.

    However, the recovery could be derailed if the war in Ukraine escalated or the conflict between the US and China heated up which would push the global oil prices up again.

    In terms of rising interest rates, Thanavath said the Bank of Thailand’s decision to hike the country’s benchmark lending rate from 0.5% to 0.75% will not affect consumers that much as commercial banks are still trying to hold their rates until the end of the year.

    “The hike of the policy interest rate is not expected to immediately affect consumers,” he said. “Even if the central bank hikes the rate another two times this year, it would still have a small impact of only 0.1 or 0.2% on the economy,” he said.

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    11 August 2022
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  • CPALL sees sales rising in line with economic recovery, set to open 700 new convenience stores as Q2 profits surge 37%

    CP All Plc (CPALL), the major shareholder of Siam Makro Plc (MAKRO) and more than 13,000 7-Eleven stores nationwide, has come out to report a net profit of just over 3 billion Baht for the operations during the 2nd quarter of 2022, while expects growth for the year to rise in line with the economy. […]

    The post CPALL sees sales rising in line with economic recovery, set to open 700 new convenience stores as Q2 profits surge 37% appeared first on Thai Enquirer.

    CP All Plc (CPALL), the major shareholder of Siam Makro Plc (MAKRO) and more than 13,000 7-Eleven stores nationwide, has come out to report a net profit of just over 3 billion Baht for the operations during the 2nd quarter of 2022, while expects growth for the year to rise in line with the economy.

    CPALL, said that its net profit for Q2 2022 rose by 37.2% during the quarter to 3.004 billion Baht against 2.19 billion Baht that it recorded during the same period of last year.

    CPALL, which holds nearly 35% of MAKRO (which runs Makro Cash & Carry and also Lotus’s) said that the better earnings were due to the recovery in operating results, especially, the convenience store business that received positive factors following the increased economic activity, while Makro also performed better, with earnings per share based on the consolidated financial statements of 0.31 Baht.

    During the 2nd quarter of 2022, the company had total revenue of 213.65 billion Baht, an increase of 55.2% from the same quarter of the previous year due to an increase in revenue from sales and services of the convenience store business and the wholesale and retail business of consumer products, whereas Makro was still able to maintain the growth rate of sales and service income, together with the revenue recognition of Lotus’s.

    CPALL said that it foresees sales and service income in 2022 to grow from the growth rate of new store sales and the average sales growth rate from existing stores, which is expected to be at a level that is close to the rate of gross domestic product growth.

    Although the Thai economy has recovered after the outbreak of COVID-19, the company still must monitor the economic situation as it may have negative impacts such as rising energy and commodity prices which affect the cost of goods, transportation, and the cost of living, including the purchasing power of consumers.

    CPALL plans to invest in opening about 700 new convenience stores in 2022 and expects to spend about 11.5-12 billion Baht in the investment, divided into 3.8-4 billion Baht in new stores, 2.4-2.5 billion Baht in renovating existing stores, 4-4.1 billion Baht in new projects, subsidiaries, and distribution centers, and 1.3-1.4 billion Baht in fixed assets and information systems.

    During the 2nd quarter, the company’s convenience store business opened a total of 180 new stores, resulting at the end of Q2 2022, the company had a total of 13,433 stores nationwide, divided into:

    • 6,530 company branches (49%), 136 net new stores in this quarter
    • 6,903 SBP and territorial sublicense stores (51%), 44 net new stores, most of the stores are independent stores, accounting for 86% of total stores.
    • The rest are shops in PTT gas stations.

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    11 August 2022
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  • Thai Enquirer News Summary – August 11, 2022
    11 August 2022
    Current Affairs
    https://www.thaienquirer.com/?p=42710
  • Siam Cement announces cut in CAPEX amid uncertainties in global economy

    Siam Cement Plc (SCC), the country’s leading industrial conglomerate, came out to say that it would cut its capital expenditure as the global economy goes on a ‘recessionary’ mode. SCC, which is considered to be barometer of industrial activities in Thailand, came out to say that it was lowering its investment budget for merger & […]

    The post Siam Cement announces cut in CAPEX amid uncertainties in global economy appeared first on Thai Enquirer.

    Siam Cement Plc (SCC), the country’s leading industrial conglomerate, came out to say that it would cut its capital expenditure as the global economy goes on a ‘recessionary’ mode.

    SCC, which is considered to be barometer of industrial activities in Thailand, came out to say that it was lowering its investment budget for merger & acquisition (M&A) and other investments to 70 billion Baht from earlier projection of 75-80 billion Baht during the course of this year.

    SCC, which has been on a regional expansion plan with ongoing plans to acquire assets in Indonesia and Vietnam, said that the uncertainty in the global markets has prompted the company to cut part of its CAPEX for this year.

    Because the company has to be more cautious in investing due to the effects of the economy that may slow down, the company has reduced investment capital this year to 70 billion Baht from the original figure of 75-85 billion Baht and emphasizes greater liquidity and building financial strength, Narongphan Leesahapanya, Investor Relations Director of SCC said.

    He said that the company needs to be a little more cautious on its investments and maintain liquidity and build financial strength while keeping an eye on China to open the country as it would increase the demand for all product groups.

    Narongphan was talking to investors at the Opportunity Day event that the company is still moving forward with its acquisition plan M&A that will help expand its business in the second half of 2022.

    He said that although the situation is highly uncertain, but the company needs to review investment projects, if it is a deal that benefits the company, SCC will continue making that deal.

    The company expects the easing of China’s lockdown measures to be a positive factor supporting its earnings in the second half of the year as it will increase the demand for all products of the company, especially the demand for petrochemical products that tend to improve.

    As for the Long Son Petrochemicals Company Limited (LSP 1), an integrated petrochemical project in Vietnam, Narongphan revealed that the construction is currently 93% complete with a target customer base of more than 3,000 customers and that he is confident that the commercial machine (COD) can be operated in mid-2023.

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    11 August 2022
    Main
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  • Thai Property firms continue to show positive results despite fear of recession and real-estate bubble burst across the region

    Thailand’s property development companies reported healthier earnings during the 2nd quarter of operations despite the downbeat gloom and doom predictions hampering the sector in other parts of the world. Most real-estate developers that are listed on the Stock Exchange of Thailand (SET) have reported their quarterly earnings except the likes of Land & Houses Plc […]

    The post Thai Property firms continue to show positive results despite fear of recession and real-estate bubble burst across the region appeared first on Thai Enquirer.

    Thailand’s property development companies reported healthier earnings during the 2nd quarter of operations despite the downbeat gloom and doom predictions hampering the sector in other parts of the world.

    Most real-estate developers that are listed on the Stock Exchange of Thailand (SET) have reported their quarterly earnings except the likes of Land & Houses Plc (LH) and Ananda Development Plc (ANAN), and most except a few ‘black sheep’ have reported a marked improvement year-on-year.

    The marked improvement comes despite the fears of a depressed market and cooling off effect due to the slowing economy and rise in material costs that have taken a toll on the property development companies.

    Real-estate market in countries such as China has rocked the regional property market after many of China’s biggest property developers have gone belly up during the past few months.

    Rising fuel prices coupled with rising construction material costs and continued shortage of labour has all slowed the real-estate market but despite the slowdown, most companies reported improvement in their profitability during the quarter ending June 2022.

    Supalai Plc (SPALI)

    SPALI was the most profitable real-estate company during the quarter with the company reporting a net profit of 2.1 billion Baht against 1.73 billion Baht it had reported during the same period of 2021.

    “Q2 2022 net profit came in at 2.075 billion Baht, up 76% QoQ (Quarter-on-Quarter) and 20% YoY, beating our estimate by 22% and Bloomberg consensus by 27%,” Nathavut Shivaruchiwong, analyst at Tisco Securities said in a note to clients.

    He added that the results beat was mainly from better-than-expected residential transfers as well as extra investment income from the company’s Australian investment.

    Quarterly residential revenue came in at t8.1 billion Baht, up 51% QoQ and 15% YoY. From the total residential transfers during the quarter, detached houses and townhouses accounted for 55% and condo projects accounted for 45%.

    Gross margin during the quarter was at 39.4%, in line with our estimate, with SG&A to sales at 11.5%. SPALI announced an interim dividend payment of 0.70 Baht per share, with the company going XD on August 23rd,

    Nathavut says that this would equate to a yield of 3.13% and therefore he has a ‘Buy’ Rating on the shares with a target price of 24 Baht a piece.

    AP (Thailand) Plc (AP)

    AP formerly called Asian Property, a residential developer that focuses on mid-to high-end townhouses, reported that their earnings for the quarter ending June stood at 1.57 billion Baht, an increase from 1.11 billion Baht seen during the same period of last year.

    AP said that they saw a 22.7% year-on-year (YoY) and 41.2% YoY growth during Q2 2022 in revenue and net profit, respectively as demand for low rise housing segment continued to show positive momentum.

    This growth was attributed to continuing strong performance from the transfer of low-rise properties from both new and existing projects. They recorded a revenue of 9.14 billion Baht.

    Despite the surge, there are concerns over labor and contractor shortages. AP expects these conditions to continue with the foreign labor improving by the beginning of Q4 this year.

    Financial analysts are cautiously optimistic about AP with key risks in weaker-than-expected launches, slowdown in backlog transfers, lower-than-budget land purchases, and an increase in bank rejections and cancellations.

    Tisco Securities rates AP with a ‘BUY’ and has a target of 13 Baht a share.

    Asset World Corp Plc (AWC)

    AWC, which is gradually becoming one of the leading real-estate players in Thailand its arms now spreading into hospitality, office lease and retail, saw its profits rise to 776.49 million Baht from a loss of 198.48 million it had recorded during the same period last year.

    due to the improvement in the COVID-19 situation, the relaxation of lockdown measures, and the government’s economic stimulus policy.

    AWC said that it has seen as strong momentum across business segments and the hotel occupancy rates, especially in the Luxury Resort segment, rose to 47.9% during the 2nd quarter against 14.3% seen during the same period last year. About 36% of AWC’s revenues are from the hospitality segment.

    Another 38% of its revenues are from the office space rental, which the company said remained robust.

    SC Asset Plc (SC)

    SC, which is starting to become one of the premium developers of high-end real estate across Bangkok, reported a stronger Q2 2022 results with its profits reaching 581.1 million Baht against 520 million Baht it had reported during the same period of 2021.

    SC, which is the developer of high end projects such as SCOPE Langsuan and 28 Chidlom, said that revenues for the Q2 2022 increased by 9.35% and revenues for the 6-month period ending June 30, 2022 increased by 3.64% from the same period of last year.

    It was mainly from increase of revenue from low-rise projects. For high-rise projects, revenue decreased from the same period of last year. There were some sold out projects during 2021 and there were no new high-rise projects that have started to transfer during the first half of 2022.

    Quality Houses Plc (QH)

    QH, a unit of LH, reported that its net profit for the quarter ending June stood at 515.23 million Baht, a rise from 481.72 million Baht it had reported in 2021.

    Quarterly net profit for QH came in at 515 million Baht, down 12% QoQ and 7% YoY, in line with TISCO’s estimate but 7.8% below Bloomberg consensus.

    The miss vs. consensus is likely due to lower-than-expected revenue and higher SG&A expense to sales, Nathavut of TISCO said.

    Quarterly residential revenue was up 3% QoQ but flat YoY. Of the total revenue contribution during 2Q, condos accounted for 280 million Baht, up 344% QoQ and 148% YoY.

    Gross margin during the quarter was flat QoQ but higher YoY on an increase in condo project contribution. Profit share from associates was down 9% QoQ and 1% YoY, with the largest drop in contribution coming from LH Financial Group Plc (LHFG).

    QH announced an interim dividend payout of 0.04 Baht a share with XD on August 24.

    Pruksa Holdings Plc (PSH)

    PSH, which has been spreading its wings into hospitals and other reoccurring revenue stream businesses said that for the 6-months ending June the company’s sales were down significantly.

    The firm said that during H1 2022, it recorded real estate presale at 11.69 billion Baht, a decrease of 2.48 billion Baht or 17.5% compared to the same period last year. The decrease was from townhouse and condominium businesses of 1.73 billion Baht and 816 million Baht, respectively. While single-detached house presale rose by 66 million Baht following a stronger demand for housing.

    In Q2 2022, PSH reported revenue of 5.10 billion Baht from sale of real estate, 203 million Baht from hospital operations, which Vimut hospital has commenced operation since May 2021, and 85 million Baht from other income, resulted in total revenue of 5.39 billion Baht.

    PSH announced an interim dividend payout of 0.31 Baht a share with XD on August 25.

    Raimon Land Plc (RML)

    The once high flying real-estate developer that is now run by the Narongdej brothers of KPN Group, was among the only developer to report a loss during the quarter with RML reporting a net loss of 192.62 million Baht against a loss of 34.63 million Baht for the same period of last year.

    The company that developed the iconic ‘The River’ and other projects around Bangkok, reported that it would likely see its revenues rise in Q3 this year as it starts to recognize the revenues from the likes of Tait Sathorn Soi 12 and The Estelle Phrom Phong as these projects are still under construction.

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    11 August 2022
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  • UOB launches its flagship branch at UOB Plaza Bangkok with 70% of space allocated to customer engagement

    UOB Thailand today announced the soft launch of its new main branch at UOB Plaza Bangkok, as the branch reinvents the traditional setup, converting transactional locations into experiential spaces, to deliver a personalised experience for customers through face-to-face conversations and customised advisory and solutions. The branch’s transformation is part of the Bank’s omni-channel approach, serving […]

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    UOB Thailand today announced the soft launch of its new main branch at UOB Plaza Bangkok, as the branch reinvents the traditional setup, converting transactional locations into experiential spaces, to deliver a personalised experience for customers through face-to-face conversations and customised advisory and solutions.

    The branch’s transformation is part of the Bank’s omni-channel approach, serving each customer the way they want it, physically or digitally.

    “The world may have changed in many ways, but UOB has stayed committed to Thailand for over two decades amid the highly competitive environment,” Wee Ee Cheong, Chairman of UOB Thailand and Deputy Chairman and Chief Executive Officer of UOB said.

    “Our new main branch, completed during the pandemic, reaffirms the long-term view that we take in supporting our customers here. We aim to offer customers progressive, customized solutions through a wide range of touchpoints, and to support them seamlessly across borders through our extensive regional network. This is how we do right by our customers.”

    UOB is currently one of the largest foreign banks in the Thailand market, and the only Singapore bank with full banking operations in the country.

    The new main branch is located at the front building of UOB Plaza Bangkok – the Bank’s newly completed head office which is strategically situated in the heart of Bangkok’s business district on Sukhumvit road to provide convenient access to customers.

    In this new branch about 70% floor space is set aside for customer engagement activities. The area, which can accommodate more than 50 people, can be used for financial and economic outlook seminars, lifestyle workshops and festive celebrations, such as Mother’s Day and New Year celebrations.

    The remaining 30% is financial advisory area where customers can have in-person dialogues with their financial advisors on tailored financial solutions based on their needs.

    Customers can enjoy a cup of premium coffee from %Arabica while waiting to be served. The Smart Queue System will send them a SMS notification when their queue number is called. Customers may also learn more about UOB latest products and digital solutions at the Digital Bar and seek product recommendations from our professional advisors.

    The 2nd floor is exclusive to UOB’s Privilege Reserve, Privilege Banking and Wealth Banking customers.  Elegantly designed to reflect a soothing and nature theme, customers are welcome to have a relaxing afternoon at the Branch, enjoying tea while engaging in financial consultation with their advisors. Customers may also utilise the space and facilities for small group meet-ups, business gatherings or seminars. 

    “In the digital era where banking is just clicks away, there are still requirements that can only be fulfilled through face-to-face interactions. Our branches have and will continue to evolve into spaces curated to cultivate deeper, long-lasting relationships with our customers through the offering of a wide range of holistic wellness activities, spanning across financial and lifestyle, enabled by well-thought through unique space designs,” Tan Choon Hin, President and CEO, UOB Thailand said.

    The new main branch is open on Monday to Friday, 8.30am to 3.30 pm and Saturday, 10.00am – 5.00 pm, excluding public holidays.

    This is a Partner Content

    The post UOB launches its flagship branch at UOB Plaza Bangkok with 70% of space allocated to customer engagement appeared first on Thai Enquirer.

    11 August 2022
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    https://www.thaienquirer.com/?p=42684