Money & Banking Magazine, a leading Thailand based monthly journal, in December 2010, named Mr. Luck Wajananawat, the president of Bank of Agriculture and Agricultural Cooperatives (BAAC), “financier of the Year 2010.” This award is designed to present to CEO of financial institutions in Thailand who has shown remarkable development achievement in banking and finance
Money & Banking Magazine, a leading Thailand based monthly journal, in December 2010, named Mr. Luck Wajananawat, the president of Bank of Agriculture and Agricultural Cooperatives (BAAC), “financier of the Year 2010.”
This award is designed to present to CEO of financial institutions in Thailand who has shown remarkable development achievement in banking and finance industry in the year and meet required criteria.
Unanimously voted by the selection committee, Mr. Luck is the first state bank CEO who received this award in 28 years since the award of this kind was initiated and first given in 1982 to honor outstanding bank CEO. Mr. Luck gained the highest score among others to win the award:
Clear vision. Mr. Luck took the rein of BAAC in October 2009 but he has more than 30 years working experience in rural and agricultural finance. Thus he made the vision clear that BAAC would aim to be a secured rural development bank with modern management to enhance the quality of life in rural areas. A recent initiative is “Community Bank” project to provide better financial services to rural people. This is part of the efforts to narrow financial gaps between people in urban and rural areas and in the long run to enhance the economic status of rural people. This initiative is reinforced by a volunteer project of household financial advisor in order to resolve the problem of informal debt more effectively.
Professional and integrity. Mr. Luck has shown outstanding leadership in leading the organization and making good balance between the roles of state financial institution which is obliged to respond to government policy effectively and the role of being a business entity with sound financial return. A comprehensive customer care system has already in place in BAAC in order to build up financial discipline among clients and to take good care of all clients both premium and those with debt problems and are in urgent need of special treatment at appropriate time and to the point. In providing new services, BAAC issued “Farmers Card”, a cash card whereby farmers can easily get access to new loans. BAAC also networked with local bodies such as village fund, cooperatives to provide services, as they can act on behalf of BAAC to channel the services to clients a wider coverage.
Growth of the business. It is evident that Mr. Luck has demonstrated his leadership and management skill to bring BAAC to a new frontier. He has created a continued growth at BAAC and maintained its financial viability despite economic depression and crisis. At the end of fiscal year 2009, its total assets reached 764.94 billion bath and a net profit of 7.82 billion baht, an increase of 0.9 billion baht from the previous year. Moreover, the first quarter of the year 2010 BAAC has made a net profit of 1.67 billion baht.
Sense of social responsibility. BAAC is one of the banks that places its primary emphasis on social responsibility as well as environment with the concept of developing agriculture and rural sector in a sustainable way. BAAC social projects include Sufficiency Economy Community Model to promote the spirit of self-reliance and networking and School Bank to promote savings among students. Through this activity, school children have been provided the opportunity to learn more about management, providing services, working with others and making social contribution. BAAC under Mr. Luck leadership focuses more on Green Credit for sustainable development to top up with the existing project of Tree Bank with the aim of creating awareness of forest protection, the problem of drought, flood and global warming in the hope that if the awareness prevails, rural community would be able to better manage community forest and live harmoniously with nature.