Amidst the bustling world of finance, where change is the only constant, one man stands as a beacon of sustainable transformation. Enter Kenichi Yamato, the visionary President and Chief Executive Officer of Bank of Ayudhya Public Co, Ltd, colloquially known as Krungsri, who is on a relentless mission to steer the bank into a greener, more sustainable future.
It’s been just over a year since Mr. Yamato took the helm at Krungsri on that bright morning of May 15, 2023. Yet, in this relatively short span, his unwavering commitment to redefining banking through sustainability has started to ripple across Thailand’s financial landscape. As a non-independent executive director on Krungsri’s board, Yamato’s influence extends beyond the walls of his executive office, echoing throughout the organization.
With a career that spans over three decades in the banking industry, Mr. Yamato’s credentials are nothing short of illustrious. He began his journey at Mitsubishi UFG Financial Group (MUFG) in 1991, where he cut his teeth in corporate and investment banking for the first 20 formative years of his career. From 2011 to 2016, he spearheaded MUFG’s financial planning and global strategies team, and subsequently assumed key leadership roles in Hong Kong and China, before making a return to Tokyo in March 2022 as the chief executive of global commercial banking at MUFG.
Prior to his current role, Yamato’s leadership was pivotal at MUFG, overseeing commercial banking operations throughout Asean, and playing influential roles such as the president commissioner of Bank Danamon in Indonesia, and non-executive director of Security Bank in the Philippines. His wealth of experience crafted the philosophy that the future of banking is integrally tied to sustainability. “The changing landscape demands sustainable banking. Our mission is to enhance the ecosystem and uplift the quality of life for all Thais,” he asserts, reflecting his transformative vision.
Krungsri, backed by the robust international expertise of its parent company, MUFG, is well-poised to transform into the vanguard of sustainable banking in Thailand. The bank is relentless in its pursuit of carbon neutrality, pledging net-zero emissions in its financial portfolio by 2050 and operations by 2030. As the fifth-largest lender in Thailand, Krungsri sees environmental and social sustainability not merely as goals but as necessities to future-proof their operations.
Highlighting their commitment, Krungsri has embarked on an ambitious sustainable finance target, earmarking 100 billion baht from 2021 to 2030, with a staggering 76 billion baht already executed by mid-2024. Thanks to its strategic alliance with MUFG, Krungsri is importing global expertise and weaving it seamlessly into the Thai market, reinforcing its commitment to sustainability.
In this quest, Krungsri is transforming the financial sector piece by piece with innovative financial services and products aimed at sustainability. These offerings range from sustainability-linked bonds and loans to pioneering Southeast Asia’s first sustainability bond in the transportation sector. Mr. Yamato takes immense pride in initiatives like Krungsri ESG Hours and the Krungsri ESG Academy, exemplifying the bank’s dedication to nurturing small and medium-sized enterprises (SMEs) in Thailand by aligning business practices with environmental, social, and governance (ESG) principles for enduring growth.
Apart from recognizing and promoting ESG-aligned SME entrepreneurs, the Krungsri ESG Academy empowers them with pivotal knowledge to craft comprehensive transition plans under the ESG frameworks, fostering profound and lasting transformations in their ventures.
Furthermore, Krungsri has unfurled the SME Transition Loan, adhering to the Bank of Thailand’s guidelines, assisting local SMEs in adopting sustainable practices inspired by the circular economic model. Partnerships with local entities, like the Electricity Generating Authority of Thailand, underscore Krungsri’s fervent drive toward fostering a sustainable economy, including initiatives in green and smart energy solutions and greenhouse gas emission reductions.
As Mr. Yamato leads Krungsri into uncharted territories of sustainable finance, he’s not only reshaping the bank’s future but also forging pathways for a greener, more resilient economy across the Asean region, ready to extend a supportive arm to neighboring countries eager to embrace sustainability.
Finally, a bank taking sustainability seriously! Kenichi Yamato’s leadership is exactly what this planet needs. Way to go Krungsri!
I’m not so sure. Banks pledging carbon neutrality by 2050 sounds great, but is it really achievable? I bet it’s more talk than action.
Hey, it’s a step in the right direction. We need more leaders like Yamato pushing for change, even if it takes time.
And let’s not forget the 76 billion baht already committed! That’s not just talk, it’s real money driving sustainable change.
Kenichi Yamato’s background is impressive, but can he really make Krungsri a leader in sustainable banking? There are many challenges ahead.
True, but with MUFG backing him, Krungsri has a strong foundation to build on.
Plus, Krungsri’s commitment to innovative financial products like sustainability-linked bonds shows they’re serious.
I hope you’re right. We need more banks to follow this path—not just Krungsri.
ESG initiatives are just a smokescreen. Banks need to focus on profits to survive, not charity.
Actually, ESG can be profitable. Consumers are demanding sustainable practices, and ignoring that could hurt the bottom line.
Not to mention the long-term risks of not being sustainable. Climate change is real and it’s bad for business.
Krungsri’s SME Transition Loan is a brilliant idea. SMEs often struggle with sustainability upgrades. Great move!
I wonder how many SMEs will actually benefit. Sometimes such initiatives don’t reach those who need them most.
As an SME owner myself, these loans can be a game-changer if implemented correctly. Fingers crossed!
Mr. Yamato is reshaping banking, but how does this affect everyday customers? Banks still charge us huge fees!
Seeing a bank partner with local entities for green initiatives is refreshing. About time they use their power for good.
Call me skeptical, but most banks still heavily invest in fossil fuels. I hope Krungsri is different.
True, they must increase transparency about where their investments go to truly gain trust.
Visionary leaders like Yamato inspire others. If only more CEOs had such forward-thinking strategies!
Inspiration is one thing, action is another. I’ll be convinced when I see tangible results.
It’s not just about business; it’s about setting examples for future generations. Yamato is doing his part.
Absolutely, and even small changes by such a large institution can start a trend in the industry.
I’m curious how Krungsri’s sustainability efforts compare to other Thai banks. Are they all following suit?
All this talk of sustainability, yet banks still contribute to economic disparity. When will they address that?
Krungsri’s partnership with the Electricity Generating Authority for sustainable energy is a step forward. More banks need to follow this example.
Exactly, if all entities worked together, progress would be much faster. Collaboration is key.
Yamato’s experiences across different countries might help Krungsri implement best practices in sustainability globally.
While global experience is valuable, understanding local needs is equally important for effective solutions.
Agreed, and it seems Yamato is keen on blending international insights with local applicability.
Why do we always focus on individual leaders? Systemic change requires more than just one person at the top.
Actions speak louder than words, Krungsri! Let’s see the results of these sustainability pledges.