Early Life
Krit Ratanarak was born on April 19, 1946, in Bangkok, Thailand. He is the eldest of six children. His father, Chuan Ratanarak, founded Bank of Ayudhya, Siam City Cement, and Bangkok Broadcasting & Television, laying the foundation for the family's business empire. Krit's mother came from a wealthy merchant family.
Rise to Success
Krit Ratanarak's career began in 1972 when he joined Bank of Ayudhya. He progressed through the ranks, becoming President in 1982 and CEO in 1990. In 1981, at age 35, he became the youngest senator in Thailand, serving four terms. His leadership was crucial during the Asian financial crisis in the late 1990s, successfully navigating the family's businesses through the challenges. In 1993, he took on the roles of Chairman and CEO of Bank of Ayudhya, as well as Chairman of BBTV, Siam City Cement, and Ayudhya Insurance.
Key Business Strategies
Ratanarak is known for introducing outside capital and international management expertise to strengthen the major family businesses. He also reduced the family's shareholding in Bank of Ayudhya to comply with new banking regulations. His strategy included forming partnerships, such as with Germany's Allianz Group in the insurance sector and with Mitsubishi UFJ Financial Group (MUFJ), who later acquired GE Capital's holdings in Bank of Ayudhya.
Philanthropy
While specific amounts are not readily available, the Ratanarak family is known for their philanthropic activities. The family supports various initiatives, primarily through their business holdings. They maintain a strong commitment to the well-being of Thai society.
