Cabinet appoints Vitai as new central bank governor from October 1

The Cabinet has appointed Vitai Ratanakorn, President and CEO of the Government Savings Bank (GSB), as the new Governor of the Bank of Thailand (BOT), effective from October 1. He will succeed Sethaput Suthiwartnarueput, whose term ends on September 30.

Vitai Ratanakorn Appointed Bank of Thailand Governor

Government spokesperson Jirayu Houngsub confirmed that Vitai will assume office as BOT Governor after Sethaput's tenure. Sethaput has been in office since October 1, 2020. The Cabinet's decision reflects Vitai's qualifications in banking and finance, as recommended by Finance Minister Pichai Chunhavajira.

Vitai's Leadership and Achievements at GSB

Vitai was one of the two shortlisted candidates for the BOT Governor position, with Dr. Roong Mallikamas, Deputy Governor of the Bank of Thailand, being the other. Analysts had speculated that Vitai would be appointed due to his leadership in managing household debt and his focus on aligning monetary and fiscal policies.

During his time at GSB, Vitai led successful initiatives to reduce household debt and increase financial access for underprivileged communities. Under his leadership, GSB introduced innovative financial tools, supported SMEs, and created loan programmes aimed at reducing reliance on loan sharks.

Qualifications and Experience

Vitai's extensive experience in banking has earned him praise from key economic figures, including Deputy Prime Minister Pichai Chunhavajira, who oversees economic affairs. Analysts believe his track record will enable him to support the government’s economic policies effectively.

A two-time CEO of GSB, Vitai transformed the bank into a "bank for society," promoting financial inclusion.

Vitai Ratanakorn's Personal Background

Vitai, 54, is the son of two senior civil servants. His mother, Sirilak Ratanakorn, was the former President of the Stock Exchange of Thailand, and his father, Sophon Ratanakorn, served as the permanent secretary of the Justice Ministry.

He holds three master’s degrees:

• Master of Finance, Drexel University (USA)
• Master of Laws in Business Law, Chulalongkorn University
• Master of Arts in Political Economy, Chulalongkorn University

Vitai's Career Timeline

• 2020–Present: President and CEO, Government Savings Bank
• 2018–2020: Secretary-General, Government Pension Fund
• 2017–2018: Acting President, Islamic Bank of Thailand
• 2016–2017: Senior EVP (CFO), Government Savings Bank
• 2015–2016: Senior EVP (Public Sector Clients), GSB
• 2011–2014: Chief Financial Officer, Nok Airlines
• 2004–2011: Senior Director, Alternative Investment Department, Government Pension Fund