On May 9, 2025, Dr. Raks วรกิจโภคาทร officially stepped into the role of CEO at Bangkok Asset Management (BAM), marking a significant shift in the company’s approach to managing non-performing loans (NPLs) and non-performing assets (NPAs). With a vision to transform BAM into a "Business Recycling Machine," Dr. Raks aims to not only stabilize the financial landscape but also enhance the company’s profitability and sustainability.
Under Dr. Raks' leadership, BAM is setting ambitious targets for the upcoming fiscal year, including plans to purchase NPLs worth 8.8 billion baht and recover a total of 17.8 billion baht from debt collections. This strategy comes at a time when the Thai economy faces challenges such as slow recovery and high household debt levels. Dr. Raks is determined to navigate these obstacles by focusing on effective asset management and creating opportunities for investment.
Dr. Raks emphasized that BAM’s goal is to provide debtors with a pathway to recovery, allowing them to sustain their businesses in a challenging economic environment. "We aim to be more than just an asset management company; we want to ensure that debtors can continue their operations sustainably," he stated. The company plans to collaborate with 3-4 real estate firms to improve and sell troubled assets, enhancing BAM’s capacity to manage approximately 10,000 units valued at 200 million baht.
The new CEO’s strategy includes implementing a three-pronged approach dubbed "3P," which stands for People, Partnerships, and Platforms/Processes. This framework is designed to build trust with shareholders and investors, ensuring BAM’s position as a leading asset management firm in Thailand.
The first pillar, People, focuses on enhancing value for shareholders by promoting transparency and good governance within the organization. Dr. Raks aims to elevate BAM’s national recognition and maintain high dividend policies to reassure long-term investors.
The second pillar, Partnerships, emphasizes forming alliances with various stakeholders, especially in the real estate sector. By collaborating with developers, BAM aims to improve the value of its assets and support commercial debtors in regaining financial stability. "We currently have five commercial banks supporting our lending efforts, and we plan to expand this network by including non-bank financial institutions by the end of the year," Dr. Raks noted.
The third pillar, Platforms/Processes, highlights BAM’s commitment to digital transformation. The company is investing in AI technology to streamline operations and enhance customer service. This includes the development of the BAM Choice Application, which will facilitate transactions for customers, allowing them to check their debts and communicate with staff more efficiently.
In addition, BAM plans to launch BAM Select, a program that will help customers easily find and invest in high-quality assets valued at 3 million baht or more. This initiative aims to cater to high-net-worth individuals looking for stable investment opportunities, especially given the current volatility in the stock market.
Dr. Raks also pointed out that despite the economic challenges, there remains a significant opportunity for BAM to create value from its assets. "Even with the slow recovery and high household debts, we can still enhance the value of these properties and present them to our target segments effectively," he said.
As of the end of 2024, BAM managed NPLs totaling 503.63 billion baht, representing 24.86% of the financial system, while its NPAs amounted to 74.52 billion baht, making up 38.50% of the financial sector. Dr. Raks' vision is to expedite the turnover of these assets, reducing the holding period from four years to just two years, thereby increasing the efficiency of asset liquidation.
Furthermore, Dr. Raks aims to enhance the customer experience through AI-driven tools that will not only streamline processes but also provide tailored solutions for debt restructuring. "We are committed to turning NPA into long-term investment assets that yield returns greater than 20%, which is significantly higher and more stable than traditional savings or bonds," he explained.
In conclusion, Dr. Raks’ leadership marks a pivotal chapter for BAM as it transitions into a more dynamic and responsive organization. By focusing on sustainable debt management and effective asset recovery, BAM is poised to play a crucial role in stabilizing the financial ecosystem in Thailand while also offering lucrative investment opportunities for its clients.
