This article first appeared in The Edge Financial Daily, on September 15, 2016.

KUALA LUMPUR: CIMB Group Holdings Bhd said its 93.7% owned-CIMB Thai Bank PCL has obtained approval from the Bank of Thailand for the appointment of Kittiphun Anutarasoti (pic) as its new head.

“Kittiphun Anutarasoti will be joining the group as president/CEO (chief executive officer) on Oct 19,” said CIMB in a statement. “Plans are already in place to ensure a smooth leadership transition from Subhak Siwaraksa, whose seven-year tenure as president/CEO of the bank saw him resolve various legacy issues and subsequently place CIMB Thai on a new strategic path.”

CIMB said Kittiphun brings with him a wealth of corporate banking experience, having served in various key business positions in Thailand with three global banks and two of the largest Thai banks.

He holds a bachelor’s degree in economics from Chulalongkorn University and an MBA from Saint Louis University in the US.

“Kittiphun’s appointment is both timely and strategic as CIMB repositions its banking business in Thailand, one of our key markets in the region,” said CIMB Group CEO Tengku Datuk Seri Zafrul Aziz.

“His 24-year banking experience bodes well for CIMB Thai and I am confident that he will add great value to our franchise in Thailand and to the group,” added Zafrul.