2014 2019 2020 - 2021 Non-life and Life Insurance Business Operations in Thanachart Group Changing business strategies and policies to respond to COVID-19 pandemic Major restructuring of Thanachart Group’s business operations, turning the Company into a diversified investment holding company that generates stable returns for shareholders in the long term The Company and MBK jointly purchased all the ordinary shares of Siam City Life Assurance Public Company Limited from TBANK and changed the name to MBK Life Assurance Public Company Limited. The acquisition served as a business operations strategy aimed at enabling Thanachart Group to operate both non-life and life insurance businesses again. The Company, as TBANK’s parent company, changed the shareholding structures of Thanachart Group’s member companies. In this connection, it sold all its equity stake in TBANK to TMB for the purpose of the merger between TMB and TBANK. Recognizing the potential and strengths of the two banks, the Company foresaw that the merger would produce a large commercial bank which almost The global COVID-19 pandemic and the government’s measures to suppress virus transmission had severe impacts on the economy. As a result, the Company changed its business strategy and policy to respond properly to the situation. In 2020, it disposed of all its equity stake in Ajinomoto. On the other hand, during the period from 2020 - 2021, the Company increased its shareholdings in its subsidiaries and associated companies as it foresaw their potential growth. It also wanted to support the business operations of all the subsidiaries, ensuring that they had stable financial positions. In addition, in 2021 it started offering asset-based financing services in which it had expertise through its equity stake in T-Plus. The key objective of implementing all such activities was to create a foundation for generating appropriate and sustainable returns for shareholders in the long term. This was in line with its strategy to become a diversified investment holding company which invested in a diverse range of financial service providers. Importantly, the Company had expertise in all these financial services. doubled in size with total assets amounting to almost 2 trillion baht. Importantly, their business structures and expertise would support each other. The new bank which was created from the merger would be a bank whose number of customers increasing to about 10 million. This represented greater market potential, a larger market share as well as more business opportunities as a result of the two banks’ combined competitiveness and expertise. As a result, the Company will earn stable long-term returns on investment. 56-1 One Report / Annual Report 2021 Thanachart Capital Publ ic Company Limited 11
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