TMB Bank

TMB Bank Public Company Limited

Rationale behind the Establishment of the Thai Military Bank

The Thai Military Bank Public Company Limited was the brainchild of Field Marshall Sarit Tanarat. The bank was established to pool widely dispersed all the military funds outside the Country’s budget at the time as well as to provide financial services as an added benefit to military personnel and their families.

 

Upon resolution of the Cabinet to approve the incorporation of the Bank, “The Thai Military Bank, Ltd.” was then registered on 5 October 1956 with a registered capital of 10,000,000 Baht and 100,000 shares at a par value of 100 Baht per share. The majority of the shareholders were service men both on active duty, those on the inactive list as well as other military units. The initial 4,982 shareholders of the Thai Military Bank made it the first Thai commercial bank to have a large and widely distributed shareholder base at its inauguration.

Major Developments

The Thai Military Bank Public Company Limited commenced its operations on 8 November 1957 at No. 2 Rajadamnoen Avenue with Field Marshall Sarit Tanarat as Chairman of the Board, Mr. Chote Kunakasem as President supported by the total staff of 26.

Although the Thai Military Bank was licensed to conduct commercial banking business under the Commercial Banking Act B.E. 2488 similar to other commercial banks, during the initial stage of operations there were several restrictions, for example:

Shareholding was restricted to military personnel only. No other individuals could hold shares in the bank.
Target customers were servicemen and their families.
The objective of the Bank was to facilitate financial services for the benefit of the military corps and to add fringe benefits to military personnel.

Head Office

TMB Bank Public Company Limited