The Government Savings Bank, as a state-owned enterprise and a specialized financial institution under the supervision of the Ministry of Finance, plays a crucial role in driving the economy in line with the national strategic framework for addressing and enhancing economic resilience at the grassroots level. We aim to drive sustainable organizations in 3 important dimensions; Environment, Social, and Governance (ESG). This is to “reduce inequality and provide equitable access to fund sources” agreeing with the sustainable financial sector practices of the Bank of Thailand (BOT) that seeks to ensure financial institutions operate under the principle of “Sustainable Banking”.

With the dedication of management, employees, and staffs, along with support from partners, regulatory agencies, customers, and stakeholders, the Government Savings Bank is able to fulfill the mission of assisting the public by reducing debt burdens and facilitating access to fair-rate capital. GSB also undertakes numerous projects that benefit society and the environment in a responsible manner. Additionally, GSB supports the business sector in operating with consideration for the environmental and social impacts through products such as loans aligned with the BCG (Bio-Circular-Green Economy) economic model, investments in Social Bond, Green Bond, and Sustainability Bond, and developing guidelines for environmental, social, and governance factors (ESG) when providing loans to large businesses. In the capacity as a fund allocator to drive the economy, GSB contributes to building a sustainable society.

The Government Savings Bank’s success in the operations is evident through the recognition as an outstanding state-owned enterprise, awarded by the Office of the State Enterprise Policy Committee, Ministry of Finance, in 2022, with a total of seven awards which is the highest number in history. GSB received the accolade for its exceptional development towards sustainable state-owned enterprise, as well as the prestigious award for “Excellence in Organizational Management” for maintaining a consistent record of operational excellence for 4 consecutive years. Furthermore, GSB has received the Excellent Service Award for 3 consecutive years. These achievements serve as a testament to GSB’s efficient and exemplary work, instilling pride, inspiration, and encouragement among the Board, management, employees, and staffs.

In 2023, the Government Savings Bank remains committed to its mission of creating positive impacts, minimizing negative impacts on society, and further intensifying the efforts in environmental conservation, particularly regarding climate change, to help advance Thai society and businesses towards sustainability. The aim is to create a better and safer future for future generations.

On behalf of the Board of Directors of the Government Savings Bank, we express our sincere gratitude to all regulatory agencies, partners, suppliers, cooperative allies, significant communities, and customers for their confidence, trust, cooperation, and continuous support to GSB throughout the years. The Board, management, employees, and staffs of the Government Savings Bank are dedicated and determined to continue working with the utmost commitment to create positive social impacts for the Thai society and people.

(Mr. Theerat Attanawanich)
President of GSB’ Board

The year 2022 is another year in which the Government Savings Bank (GSB) is diligently moving forward with the mission of “Social Bank”. Since mid-2020 until the present, GSB has undertaken more than 50 projects to support grassroots communities, small and medium-sized enterprises (SMEs), and individuals affected by the COVID-19 pandemic. The aim is to provide access to fair interest rates, address poverty and indebtedness, reduce financial disparities, and contribute to the Sustainable Development Goals (SDGs) of the United Nations, particularly Goal 1: No Poverty and Goal 10: Reduced Inequalities.

Through the collective efforts and commitment of the Board, management, employees, and staffs, GSB has been able to “make a positive impact on society”, benefiting over 16 million people through various projects, with a total support amount of over 47,500 million baht. This support has been provided through 3 dimensions of assistance; 1) creating low-interest funding sources through projects such as vehicle registration pledge loans, reduced interest rate loans for teachers, and loans with interest rates lower than the market, providing people with affordable borrowing options and saving them more than 32,800 million baht in interest difference; 2) reducing the burden of debt through debt repayment moratoriums and continuous debt restructuring measures during the COVID-19 crisis. This results in a decrease in GSB’s income by over 10,700 million baht due to suspended interest income; and 3) supporting budget allocation of over 4,000 million baht for social initiatives such as job creation, vocational training, social responsibility projects, and environmental projects.

Internally, GSB has implemented a Cost Reduction Program to control expenses and reduce costs, allowing us to generate a reasonable level of profit in 2022. The profits have been allocated to support social missions in accordance with government policies and have contributed to the highest level of general reserves. GSB’s credit rating by TRIS Rating, a reputable credit rating agency, has consistently been AAA for 7 consecutive years (from 2016-2022). The “stable” tendency reflects the status of the specialized financial institution with the highest-level connection with the government and the “most significant” role in supporting the government’s sustainable economic development policies. GSB has also received 55 awards from various national and international organizations, including 13 international awards and 33 awards recognizing our achievements in social mission roles.

Moving towards the 111th year, the Government Savings Bank remains committed to conducting business in parallel with Thailand’s society, focusing on strength and transparency to enhance the organization’s resilience and utilize profits to support social missions. We elevate the assistance given to people. GSB emphasizes 3 key areas; providing access to fair funding through land-based lending services “Mee Thee Mee Ngern, promoting digital lending, and developing sustainable capacity by fostering entrepreneurs, building strong communities, ensuring retirement security, and integrating social missions into all important bank processes, with the goal of increasing GSB’s ability to help individuals and society.

I am confident that each and every one of us will fulfill our responsibilities wholeheartedly to achieve the goal of becoming a “Social Bank”. This mission is one that we, as the management, employees, and staffs of the Government Savings Bank, take great pride in. I would like to express my gratitude to our customers, regulatory agencies, government and private sector partners, and all stakeholders who have supported and played a significant role in driving GSB’s operations and missions. GSB will remain dedicated to carrying out our duties with professionalism, integrity, and accountability, while continuously striving to improve the services and contribute to the prosperity of the nation. We create a sustainable and stable future for Thai society as a state financial institution that provides financial services as we have been alongside Thai people for a long time and we are managed by 100% Thai people.

(Mr. Withai Rattanakorn)
Director of GSB