Bangkok Bank Governor Race: Key Contender Withdraws, Raising Stakes
Piti Tantakasem, chief executive officer of TMBThanachart Bank (ttb), has ruled out candidacy for the governorship of the Bank of Thailand, a position becoming vacant later this year. Mr. Tantakasem’s name had been circulated among potential successors to current Governor Sethaput Suthiwartnarueput, whose term ends September 30, 2025. Mr. Suthiwartnarueput, having reached retirement age, is ineligible for reappointment.
Potential candidates include prominent figures in Thailand’s financial sector. These include Ekniti Nitithanprapas, director-general of the Treasury Department; Roong Mallikamas, the central bank’s deputy governor for financial institution stability; Sutapa Amornvivat, chief executive of Abacus Digital under SCB X; Kobsak Pootrakool, a senior executive at Bangkok Bank; and Santitarn Sathirathai, a member of the Bank of Thailand’s Monetary Policy Committee (MPC).
In a Thursday statement, Mr. Tantakasem definitively withdrew his name from consideration. “I have not been approached by anyone regarding the role, and I have no interest in applying for the position,” he stated. He added, “I believe I can contribute to the country in my current role,” emphasizing his willingness to collaborate with any government or regulatory agency to further Thailand’s national interests.
Mr. Tantakasem, 54, has a history of contributing to Thailand’s economic policy. He played a significant role in developing short-term economic stimulus measures for the previous administration, including the 2020 co-payment scheme designed to bolster the economy during the pandemic. He compared the government’s role in economic recovery to a Formula 1 race, highlighting the importance of coordinated fiscal and monetary policy. He described the central bank’s control over monetary policy as managing the “tires and brakes” of the economic engine, while fiscal policy represents the “powerful engine” driving growth. He stressed the need for harmonious interaction between these elements for effective economic management.
The search for Mr. Suthiwartnarueput’s successor is scheduled to begin by June 30, with Finance Minister Pichai Chunhavajira indicating the process would commence in March. Mr. Chunhavajira has outlined desired qualities in the next governor, emphasizing the need for a forward-thinking individual with contemporary ideas, capable of close collaboration with both the Ministry of Finance and the government, and possessing a strong understanding of economics and finance.
The Bank of Thailand is also searching for a new chairman, a process complicated by concerns over political influence. Following an earlier ineligible nomination, Somchai Sujjapongse, a former permanent secretary at the finance ministry, has reportedly been put forward as the government’s new candidate to succeed Poramatee Vimolsiri, whose term ended last September but who remains in the post until a successor is appointed. This concurrent search for leadership underscores a period of transition and the importance of selecting individuals who can effectively navigate the complexities of the current economic climate.
Further complicating the economic picture, ttb analytics, TMBThanachart Bank’s research center, predicts one or two policy rate cuts by the MPC this year. This follows a recent central bank decision to lower its policy rate by 25 basis points to 2%, a move aimed at supporting Thailand’s economic recovery and easing financial pressures on borrowers. This decision further highlights the challenges facing the incoming governor and the importance of selecting a leader equipped to guide the Bank of Thailand through this evolving economic landscape.
