Krit Ratanarak

Krit recapitalised Siam City Cement in 1998 by selling part of the family’s equity to Holderbank (later to become Holcim). Contemporary newspaper reports wrongly suggested that the proceeds from the sale of equity to Holderbank was used by the family to recapitalize Bank of Ayudhya. However, as part of the terms of the sale, the full proceeds received by the family from Holderbank – as well as additional funds from the Ratanarak Group – were reinvested in Siam City Cement via a rights issue to recapitalize the business and the capital injected by the family into the bank came instead from contingency reserves.[14] Holderbank became strategic partner, and in 1999, after completing debt restructuring and refinancing, Siam City Cement increased its capital to 3 billion Baht, and the proceeds were used to upgrade its production facilities and operations.[15] In 2013, the Ratanarak family controlled 47% of the equity in Siam City Cement which had a market value of US $3.2 billion and no significant debt with Holcim holding 27.5% of the shares.[16] In 1998, prior to the deal with Holderbank, the family had controlled slightly more than 50% of the company.[17]

While other banks closed or were nationalized, Krit completed a recapitalization of Bank of Ayudhya,[12] and continued to improve its performance in the post-crisis aftermath. In 1996 before the crisis, the bank had market capitalisation of US $4 billion and this had risen to US $7 billion in 2014.[18] The family shareholding in the bank was reduced in 2007 from 35%[19] to 25%[16] to comply with a reduction in the maximum permitted holding under new banking regulations which came into force in 2008. The reduction in ownership was not achieved by a sale of family’s holdings; rather, it was executed as a strategic investment by GE Capital that increased the bank's registered share capital and strengthened its consumer lending business with world-class standards. The family previously brought in GE Capital in 2007 to enhance banking operations and install best practice.[20] Following a change in GE's strategy to reduce their exposure to financial services in 2013,[21] GE Capital sold their holdings to Japan’s Mitsubishi UFJ Financial Group (MUFJ) following losses incurred in the 2008 banking crisis,[22] and a change in strategy by GE to reduce their exposure to financial services. In 2014, the Ratanarak family controlled 25% of the bank’s equity with the remaining equity held by MUFJ.[16] Krit's penchant for employing world-class strategic partners is also reflected in the partnership with Germany's Allianz Group in insurance business.[23]

According to press reports in March 2012, Krit is working to transform the Rama III area of Bangkok into a major commercial centre.[24]

According to Forbes, the Ratanarak family’s holdings in the group businesses in January 2015 were estimated to be worth US$5.4 billion, based on publicly known assets and excludes private assets and property.[1] In 2012, the Thai publication ‘Which Family is Richest’ reported the Ratanarak family as having holdings in excess of US$10 billion since 1998 when other assets are included.[25]