Code of Conduct and Business Ethics

The Board of Directors has the responsibility to periodically review the Code of Conduct and Business Ethics to ensure that the business practices of the Bank adapt to the changes in the business environment, including the development of official regulations and standards. After the Thai Bankers Association (TBA) reviewed and modified its Code of Conduct Guidelines and issued revised Guidelines to serve as the standard for the member banks starting from 2017, the Board took this opportunity to review and amend its previous practices to incorporate the new standards recommended by the TBA.

The Bank believes that a proper Code of Conduct and Business Ethics Practices provides a vital foundation to reinforce and improve business governance, and the development of sustainable practices, while safeguarding the reputation and trustworthiness of the financial institution. Therefore, the Bank supports and encourages all its stakeholders to operate their businesses according to this Code of Conduct and Business Ethics Practices.

The Bank encourages the subsidiary companies under its financial business group to implement this Code of Conduct and Business Ethics Practices as suited to the situation of each company.

The Bank promotes understanding, awareness, commitment and recognition of values among its stakeholders to foster a responsible organizational culture. All stakeholders of the Bank are integral parts of the implementation, with the Bank’s directors and executives the role models.

The Board of Directors promotes and supports communications, training and education to build proper understanding among all stakeholders of the Bank. Policies, rules and regulations, procedures are also established, along with the monitoring and assessment of the Code of Conduct and Business Ethics Practices performances.


Parties adhering to this Code of Conduct and Business Ethics Practices are the Bank and its stakeholders, namely its directors, executives, employees, workforce, advisors, representatives and authorized persons who act on behalf of the Bank.

All stakeholders of the Bank have the obligation and responsibility to perform their business duties according to this Code of Conduct and Business Ethics Practices. All employees are encouraged to receive training and seek advice when faced with uncertainty or questions about doubtful scenarios and required to inform their superior in the line of command or report the issue to the compliance unit. Moreover, executives and senior officers shall scrutinize advice, monitor and verify their subordinates’ behavior regarding the Code of Conduct and Business Ethics Practices. Any breach of the Practices shall be reported to the executives or the Board of Directors.
Code of Conduct and Business Ethics Practices
The Bank (meaning its stakeholders and parties as outlined in the Scope Section above) shall commit to and follow the Code of Conduct and Business Ethics Practices, as follows:

1. Business Code of Conduct

The Bank shall ensure that its employees operate the business according to the following Code of Conduct:

(1) Perform duties with honesty, morality, responsibility. Act strictly as required by laws, rules and the regulations of government agencies, including the anti-corruption policy, anti-money laundering policy and anti-terrorist financing policy.

(2) Prevent or avoid actions that may lead to conflicts of interest.

(3) Act as professionals with knowledge, ability, expertise and accountability.

(4) Protect confidential information and do not use internal or confidential information or unethically exploit this knowledge for the benefit of themselves or others.

2. Roles of Directors and Executives

Directors and executives of the Bank should be conscious of their duties and responsibilities under the moral and ethical framework to promote good governance at all levels in the organization, as follows:

(1) Demonstrate honesty, fairness, morality, responsibility and ethical standards in business. Act with caution in the performance of duties and corporate governance. For the maximum benefit of organizations and stakeholders under the framework and guidelines of business decision principles, consider and maintain the interests of the organization and pay attention to events that may affect the Bank or the operations of the Bank.

(2) Play an important role in fostering good corporate governance to create confidence among shareholders, customers, regulators and all stakeholders of the Bank and maximize the benefits to industry and the nation. Develop a clear Corporate Governance Policy and Code of Ethical Conduct and communicate these to employees and executives to effectively implement in their routine works.

(3) Directors and executives must adhere to good corporate governance principles. As the link between the shareholders and the management the directors must formulate necessary policies relating to business operations and directions, set up good corporate governance and control mechanisms and ensure that the executives and management of the Bank are in compliance with the policies set out efficiently and effectively.

(4) The business of the Bank is regulated by the laws, rules, regulations, standards, guidelines of the government and other regulatory agencies, therefore, Directors, as the representatives of the shareholders, must set the policies for the management of the Bank to implement effectively and efficiently. In addition, an effective internal control system must also be established to direct the Bank to operate legally and strictly comply with required rules and regulations.

(5) Directors shall take due care to ensure the Bank’s policy and effective risk governance system is appropriate to mitigate significant risks. Directors shall also ensure that the Risk Committee can extensively perform the assigned tasks in a professional manner without any intervention from the business operation units. Additionally, the management of the Bank shall recognize the potential risks that may occur in order to protect the Bank’s material position and ensure that damages are minimized under an effective risk management system.

(6) Any operational action of the Directors and Executives must be taken at an appropriate level. Financial transactions must not be undertaken for vested interests but for the benefit of the organization in line with normal business practices. The Directors and Executives must avoid all conflicts of interest or potential conflicts of interest. If a conflict should arise, the conflict shall be dealt with legitimately and promptly.

3. Service Standards

The Bank shall build trust with customers and stakeholders by establishing service standards as follows:

(1) Establish an effective management system to provide customers and stakeholders with responsible service.

(2) Establish a good corporate governance system to deliver services that comply with relevant regulatory requirements.

(3) Establish a prudent internal management and control system to avoid inconvenience to customers of the service.

(4) Establish an effective risk management system so that the Bank can manage the risks that may occur and handle them properly.

(5) Ensure a stable financial position which is sufficient to ensure business continuity.

(6) Have appropriate and capable personnel sufficient to handle the on-going business. Provide supervision of personnel to ensure they perform their duty in compliance with the law, ethics and professional standards.

(7) Establish a business operation system that meets the standards or normal practices among business peers.

4. Employees and Work Environment

The Bank provides facilities to assist its employees to perform their work effectively by:

(1) Arranging a decent and safe working environment, ready to serve customers.

(2) Treating all employees fairly and respectfully.

(3) Encourage employees to have continuous self-development opportunities by providing regular training.

(4) Offering fair compensation to employees, based on a fair assessment system.

(5) Keeping employees’ personal information confidential and not used for other purposes.

(6) If the banking operation comes under investigation, the Bank should supervise the concerned employees to ensure they cooperate with relevant authorities, the regulatory authorities and internal and external auditing agencies to ensure a fair investigation.

(7) Not allowing any discrimination on the grounds of race, race, age, religion or disability.

(8) Not making any threats by means of language or gestures that might affect the honor or human dignity of others in the workplace.

(9) Providing appropriate channels of communication for complaints or reports of employee misconduct.

(10) Respecting human rights as required by law and refraining from any human rights violation. Promoting and encouraging participation in external activities, so long as that activity:
      (a) Does not affect the reputation and good image of the Bank;
      (b) Does not obstruct nor inhibit the dedication of employees or their efforts to perform routine duties;
      (c) Does not contradict the Code of Conduct and ethical behavior;
      (d) Does not cause conflicts of interest;
      (e) Does not violate the law or morality.

5. Responsibility to Customers

The Bank focuses on and treats customers responsibly through:

(1) Providing products and services that are appropriate to the needs of customers and affordable to them.

(2) Disclosing information about the Bank's products and services including the conditions attached to the use of products and services and the risks involved. Providing precise and up-to-date interest rates to give customers sufficient information to make appropriate decisions. Advertising and public relations information must be communicated transparently with clear messages that preclude misunderstanding.

(3) Protecting customers’ confidential information unless otherwise agreed by the customer or required by law.

(4) Providing a clear customer complaint procedure and managing complaints fairly and reasonably.

(5) Maintaining positive customer relationships. Not accepting bribes, kickbacks, gifts, presents, or entertainment in any form that implies an intention to behave incorrectly.

(6) Treating customers with empathy, providing good cooperation and offering quality services to customers with warm friendship and sincere support.

(7) Acquiring sufficient customer information to accurately verify the identity of the customer, as well as other information to support good service.

(8) Collecting adequate customer information to make decisions and communicating such information clearly to customers without distorting it and not misleading customers on essential issues.

(9) Being prudent and careful to ensure that investment advice provided to customers is appropriate and focused on those entitled to receive such services from the Bank.

(10) Providing adequate and appropriate systems to manage and protect the assets of customers in the custody of the Bank.

6. Conflicts of Interest

The Bank has established measures to manage conflicts of interest in business operations, as follows:

Protection of internal data
(1) Monitoring and disclosing the trading accounts of directors, executives, and employees and related persons who may access the internal information and prohibiting them from using that information illegally to gain benefits for themselves or others.

(2) Providing separate working areas to prevent leakage of information between work units by isolating the units susceptible to conflicts of interest from each other.

Transactions with Related Persons and Connected Transactions
(1) Transactions between the Bank and its directors, executives, major shareholders and related parties shall not divert the benefits from the Bank to those persons.

(2) Directors, executives and employees of the Bank with interests in, or directly involved in a particular transaction, must not participate in the decision-making process so that the benefits will fully accrue to the Bank.

(3) Establish rules on connected transactions with due care for the benefit of the Bank and its shareholders

Receiving and giving gifts, entertainment and other benefits
(1) The exchange of gifts, provision of entertainment, and other benefits supports the Bank's objective to strengthen business relationships. This must be carried out cautiously, carefully and sensibly. The monetary value should reflect appropriateness, the occasion, tradition and mores.

(2) Not to give bribes, take bribes, propose or claim any other benefits - directly or indirectly - from customers, government agencies, private agencies or third parties, or to allow gifts to influence decision-making or exercise influence on others to refrain from following their duties to attain undue advantages from any situation.

Managing conflicts of interest and protecting the interests of customers
(1) Manage conflicts of interest fairly whether it is a conflict of interest between the Bank, or a person acting on behalf of the Bank, and the customer; or between customers themselves.

(2) Conduct business with consideration of the interests of customers and treat all customers fairly.

7. Information Management

The Bank provides adequate information management systems, as follows:

Data Management
(1) Protect, store and safeguard customers’ confidential information strictly according to legal requirements. Collect, keep and use customers’ personal information appropriately.

(2) Not disclose information from the Bank nor customers’ information without prior consent of the customer, or as required by law.

The release of information concerning business operations of the Bank and customers will be handled correctly and properly. Public disclosures including media releases will be handled only by the authorized persons designated by the Bank.

Recording and Reporting of Information
The recording and reporting of information will be handled prudently.

8. General Compliance

The Bank shall operate its business according to the relevant laws, regulations, policies, practices, and ethical concerns as follows:

(1) Ensure that the Bank’s employees recognize and understand the requirements of laws and regulations, and are aware of the risks and penalties of non-compliance with laws and regulations to the business operations, image and reputation of the Bank, as well as the responsibilities and accountabilities of individual employees.

(2) Establish a special department to oversee regulatory compliance, which is independent of the Bank's business units, while ensuring it is appropriately resourced with personnel and resources.

(3) Regularly review the policies and regulations of the Bank and assess their compliance with rules and regulations of the relevant authorities. Provide management with suggestions on how to improve compliance with the framework of laws and regulations and review the Bank’s policies and procedures in line with the principles of good corporate governance.

(4) Initiate appropriate disciplinary action against all parties who do not comply with the laws and regulations depending on the impact and nature of the offense and without prejudice and discrimination.

(5) Provide communication channels for whistleblowers or for people to report potential or suspected breaches of laws and regulations.

9. Business Competition and Resolution of Disputes

To ensure that the Bank's business operations are efficient and sustainable:

(1) The Bank shall operate in a free and fair manner without mutual agreement between industry peers to control the purchase price, sale price or set up terms of services that are unfair to the customer.

(2) The Bank shall offer products and services to customers that are beneficial and cost effective. Customers shall be free to choose the service according to their needs and the Bank will not coerce customers to prevent them from switching to other bank’s services.

(3) The Bank shall not assault its business competitors or restrict, reduce, or constrain the competition in the market.

(4) If there are business disputes, the Bank shall provide appropriate procedures for resolution or remedy of the disputes.

10. Stakeholders Engagement under the Social Responsibility and Sustainable Development Principles

To ensure the engagement of stakeholders in the Bank's operations in accordance with the Corporate Social Responsibility and Sustainable Development principles, the Bank shall:

(1) Understand stakeholders and cooperate with them in accordance with the principles of corporate social responsibility and sustainable development as appropriate to the country's and the region’s economic and social environment. Support appropriate social activities and the growth of the nation and participate in public service activities, community development, and education.

(2) Manage the business in a manner that meets environmental standards appropriate to the Bank's business. Support good environmental practices and promote effective use of resources including contributing to campaigns to build awareness and understanding about energy conservation and environmental protection.

(3) Respect and do not infringe the intellectual property or copyrights of others, and comply with the regulations and code of conduct as announced by the Bank.

(4) Cooperate fully with the relevant authorities. Disclose information which is useful or necessary to regulate the business of the Bank or the capital market as a whole.
Employee Code of Conduct
1. All employees must comply with rules, regulations, orders or announcements related to work practices established by the Bank. All employees are also required to strictly follow orders of their superiors.

2. All employees shall perform their work honestly, diligently and to their full ability and be prudent and disciplined in their conduct. Employees shall not act nor behave in such a way that may cause damage to the properties or reputation of the Bank.

3. All employees shall maintain information, statistics, formulas, procedures, trade secrets, business information, including other information about the Bank and its customers as strictly confidential and shall not disclose these to third parties except with the prior written consent of the Bank, or the customers concerned.

4. All employees shall protect the interests of the Bank by cooperating, assisting and supporting the Bank in every way so that the Bank maintains its obligations under contractual agreements or the law.

5. All employees shall recognize that intellectual properties such as copyrights, inventions, trademarks and service marks, product designs, etc., that have been created, developed or invented during the period of employment by the Bank as a result of performing their duties as well as statistical data, formulas, methods, processes, developed using information or any other property of the Bank, shall solely belong to the Bank.

6. All employees must not modify, reproduce, and exploit in any way, any intellectual property that belongs to the Bank for their own interests or for the interests of others without the written permission of the Bank.

7. All employees shall not violate any intellectual property of other people in the Bank’s premises or utilize it to perform work on behalf of the Bank in such a way that it would be in breach of laws or infringe the rights of others.

8. All employees shall be aware that the disclosure of trade secrets of the Bank, its customers, or its contracted parties, to outsiders can be a legal offense, whether or not the action takes place during or after the termination of the employment.

9. All employees shall recognize that in cases where the Bank receives a patent of an invention, a process, or a design of a product, as a result of work by an employee, and the Bank has gained a benefit from that invention or utilizes that invention, such employees are entitled to special bonuses in addition to normal compensation nominated by the Bank according to the legal requirements.

10. Employees must not solicit or incentivize customers for benefits or rewards for themselves or for others.

11. Employees must not intentionally falsify or conceal any information or report presented to their supervisors.

12. Employees must not perform other professional work similar to, in competition with, or conflicting with the Bank, in such a way to diminish the benefits or create disadvantages to the Bank.

13. Employees shall avoid any improper conduct that would be detrimental to themselves and the Bank.

14. Employees shall maintain unity among their colleagues, cooperate and coordinate with them in their work.


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