K-Sec seeks to dethrone No.1 Maybank [Bangkok Post, Thailand]
(Bangkok Post (Thailand) Via Acquire Media NewsEdge) Feb. 12--Kasikorn Securities (K-Sec) aims to overtake Maybank Kim Eng Securities to become the country's top stock broker following an aggressive expansion.
To achieve this, it is counting on full integration of services with those of its parent Kasikornbank (KBank) network on the online K-Cyber Banking platform, said Padermpop Songkroh, K-Sec's managing director for equity wealth management.
It targeted to attract 18,000 new accounts, a 117% increase from last year's levels.
"The new generation is keen on technology and they are regular gadget users," the company said.
Users of K-Cyber Banking can open stock trading accounts online by choosing the integrated KS Access menu.
It also promotes online trading by offering the first 888 approved applications the rights to subscribe to initial public offering stocks worth up to 70,000 baht.
For brick-and-mortar trading business, K-Sec planned to open 18 more securities branches nationwide bringing the number of 60 this year.
An additional 140 marketing staff will also be recruited.
K-Sec, a securities arm of KBank, has reached the top five in seven years.
According to the Stock Exchange of Thailand, K-Sec had a 6.05% market share last year, lagging only Maybank Kim Eng, at 11.7%.
K-Sec is confident of meeting its trading volume target thanks to convenient trading service via smartphones and tablets, as well as the IPO stock marketing gimmick.
Currently, around 40% of K-Sec retail trading accounts are internet-based, up from 39% from the end of 2011. The proportion is projected to reach 50% or 18,000 accounts this year.
KBank's K-Cyber Banking now has 272,000 accounts, 2.3% or 6,305 of which already applied to trade stocks online with K-Sec.
"There is huge room to grow by tapping KBank's internet customer base. We hope to attract 5,220 of our parent KBank's customers for a total 11,500 this year," said Mr Padermpop.
This means the target of attracting 18,000 new customers is achievable.
"Although trading commission fees have been reduced in the wake of the sector's liberalisation from 0.25% to average of 0.16% currently, we manage to keep our average trading fee at 0.20%," said Mr Padermpop.
He said K-Sec's marketing staff were required to pass a training programme before serving investors.
K-Sec's customers are categorised into three groups _ high net-worth, medium and general _ as they need different kind of services.
(c)2013 the Bangkok Post (Bangkok, Thailand)
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