Thanachart Capital Public Company Limited, formerly named as National Finance Public Company Limited, originally registered as "Lee Kwang Min Trust Company Limited" on November 17, 1959. The Company was approved by the Ministry of Finance to operate finance and securities business in 1974. The Company has been a member number 16 of the Stock exchange of Thailand (SET) since 1979, and been listed on the SET in 1982.
The Ministry of Finance announced a policy to encourage a consolidation among finance companies by offering a Restricted Banking License, to replace a Super Finance License announced earlier by the government.
Following to the policy, the Company applied to the Bank of Thailand for a Restricted Banking License by using Ekachart Finance Public Company Limited as a core company to set up Thanachart Bank in 1999. After that, in 2002, the Ministry of Finance finally granted the restricted banking license to Ekachart. To receive the License, Ekachart returned its Finance Business License back to the authority, and changed its name to Thanachart Bank Public Company Limited.
Thanachart Bank Public Company Limited was awarded a Full Commercial Banking License. In this year, the Bank of Thailand and the Ministry of Finance introduced a number of measures aimed at enhancing the efficiency of the financial system by rationalizing the structure and roles of financial institutions under the Financial sector Master Plan. Thanachart Capital and Thanachart Bank submitted their reorganization plan in compliance with the One Presence Policy.
The Ministry of Finance gave the approval to the Group’s reorganization plan in line with the One Presence Policy of the Financial Sector Master Plan. The Company, then, transferred its hire purchase business operation with the Company keeping the existing hire purchase customers who continue making their payments until the last installment is paid while Thanachart Bank Public Company Limited giving hire purchase loans to new customers. For transactions related to deposit taking and lending, all of them were completely transferred to Thanachart Bank in this year. As a result, Thanachart Bank has been the Group’s only financial institution that has been engaged in banking business and taking deposits from the public. In the following year, the Company returned its finance business license to the Ministry of Finance and has become a holding company of a financial business conglomerate under the Bank of Thailand’s Consolidated Supervision.
The Company has disposed its investments in 8 subsidiaries, which have been engaging in both financial business and supporting business to Thanachart Bank in order to comply with the Group’s reorganization plan in line with the Consolidated Supervision. At the same time, the Bank of Nova Scotia (BNS) has become the Group’s strategic partner participating in managing the business for enhancing the competitiveness of Thanachart Group by holding 24.98% of Thanachart Bank shares.
The Bank of Thailand approved BNS to hold the additional shares of Thanachart Bank by purchasing the existing shares of Thanachart Bank from the Company. In this regard, the aggregate number of shares held by foreign shareholders including the existing ordinary shares held by BNS and other foreign shareholding must not be exceeding 49 percent of the total paid-up shares of Thanachart Bank. Later, on February 3, 2009, the Company sold its existing ordinary shares of Thanachart Bank to BNS. This transaction made BNS holds 48.99% of Thanachart Bank while the Company holds 50.92%.
Thanachart Capital provides fully integrated financial services and closely monitors the operations of all member companies of the Group under the good corporate governance, aiming to avoid conflicts of interest at all levels of work.
On 9 April 2010, Thanachart Bank completed the purchase of 47.58% of total Siam City Bank’s issued and paid-up shares held by the Financial Institutions Development Fund. In June and November 2010, Thanachart Bank conducted tender offers to buy additional shares of Siam City Bank from general public shareholders. Consequently, Thanachart Bank’s shareholding was 99.95% of Siam City Bank’s total issued and paid-up shares.