Having achieved his goal of making Krungthai Bank (KTB) the biggest lender in Thailand by assets in 2015, Vorapak Tanyawong is confident the state-owned bank can go on to overtake its rivals on profitability by 2018.
"The first summit, which means to complete all key foundations, starts from 2014. The second summit from 2016-2018 [aims] to close the gap with our peers in terms of margin and net yield growth. Based on our progress over the past three years, I'm quite confident [of achieving our target]," the CEO and president of KTB told CNBC's "Managing Asia."
Tanyawong is referring to the company's 7-year strategic plan, which consists of three "summits" or phases, aimed at enhancing the bank's capabilities in the areas of front office operations, credit approval, risk management and most importantly, human resources. After boosting its profitability by 2018, KTB has a final target: to become "the best place to work" by 2021.
Tanyawong launched the "KTB Transformation" project when he joined the bank three years ago, with the aim of "transforming the bank from inside." He tackled the state-owned mindset among employees by getting the labor union to agree on performance-based compensation and promotion. He also centralized the loan department so KTB could better expand into retail banking. This year, KTB surpassed its key rivals Bangkok Bank, Siam Commercial Bank and Kasikornbank to become Thailand's largest lender by assets, loans and deposits.
For his achievements, Tanyawong was named "Thailand Business Leader of the Year" at CNBC's 14th Asia Business Leaders Award last month.
"I think the past three years has been a long journey for me. I cannot claim it is successful yet. My job is to turn this organization into a performance-driven organization and that involves a long of changes internally," he said.
The 49-year-old now wants to double the bank's net profit to 60 billion baht ($1.68 billion) within three years.
"We are the largest bank so like a glass of water, our glass is much bigger and is less full. Other banks' glasses are smaller and nearly full, which means huge opportunities [for us]," he said.