Early Life
Krit Ratanarak was born on April 19, 1946, in Bangkok, Thailand. He was the eldest of six children. His father, Chuan Ratanarak, was a significant figure in Thailand's business landscape, founding Bank of Ayudhya (now Krungsri Bank), Siam City Cement, and Bangkok Broadcasting & Television. The Ratanarak family is of Chinese descent with their origins traced back to Shantou, Guangdong, China. Krit's mother came from a wealthy merchant family in Thonburi.
Rise to Success
Krit Ratanarak's career began in 1972 when he joined Bank of Ayudhya. He progressed to become President in 1982 and CEO in 1990. In 1981, at age 35, he became Thailand's youngest senator, serving four terms. In 1993, Krit became Chairman and CEO of Bank of Ayudhya, Chairman of BBTV, and Chairman of Siam City Cement and Ayudhya Insurance.
Key Business Strategies
After the death of his father in 1993, Krit took over the family businesses and successfully steered them through the Asian financial crisis. He introduced outside capital and international management expertise to strengthen the major family businesses. A significant strategic move was the recapitalization of Siam City Cement in 1998, selling part of the family's equity to Holderbank (later Holcim). Krit also worked to transform the Rama III area of Bangkok into a major commercial center. In August 2024, the Ratanarak Group strengthened its control over Siam City Cement by acquiring a 25.24% shareholding, increasing the family's total ownership to approximately 79%.
Philanthropy
Specific details about his philanthropic activities are limited, but Krit Ratanarak's legacy is in his successful management of the Ratanarak family's businesses and contributions to Thailand's economic landscape.
