Economics

Banks Get Punted From Thailand’s List of Most Valuable Companies

7-Eleven operator CP All passes Siam Commercial in market cap
Thailand is sole Southeast Asia market with no banks in top 10

An illuminated sign hangs outside a Siam Commercial Bank branch at night in the Sukhumvit area of Bangkok, Thailand.
Photographer: Brent Lewin/BLoomberg

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By Lee J Miller

July 1, 2020 at 9:00 PM UTC

This article is for subscribers only.

Thailand’s biggest banks aren’t so large when it comes to their market values.

Siam Commercial Bank Pcl was overtaken last month by agro-industrial firm Charoen Pokphand Foods Pcl, leaving Thailand as the only Southeast Asian economy without lenders among its 10 most-valuable companies.

Indonesia, Malaysia, Singapore and Vietnam each have three banks in their top 10. The Philippines counts two, with at least two other enterprises providing some financial services.