2.3 The qualities of a successful entrepreneur  (Page 3/4)

The growth of Bangkok Bank is a monument to Mr Chin’s entrepreneurial spirit. He was a naïve young man when World War II came to an end, and he got involved in the establishment of the bank after a casual discussion among a group of close friends. Initially, he had thought how much fun it would be to be a banker with lots of money to spend. But the growth of Bangkok Bank into the giant that it is can hardly be called fun by anyone. The early years were difficult, and the accomplishments could not be attributed to luck at all. Mr Chin’s great skill, energy and foresight made the Bank’s story so remarkable.

As World War II was ending, Mr Chin sensed that good business opportunities were at hand. He set up Thailand’s first finance company, Asia Trust Company Limited, dealing mainly in foreign exchange. It soon became Thailand’s most influential and reliable source of foreign exchange activity. Mr Chin had to work very hard, getting up well before dawn to check the world exchange rates so that he could display the day’s quotations before businessmen arrived at work. In no time, Mr Chin became known as the best foreign exchange dealer in town. Anyone just had to tell him the rates for the pound, dollar or baht (Thai currency), and he would give the quote on the spot without using a calculator.

Mr Chin’s Asia Trust Company initially served as an agent for Bangkok Bank whose original business involved currency exchange mainly with Hong Kong and Singapore. Later, the bank experienced serious cash flow problems as a result of over investment in property. Mr Chin, who was a shareholder at the bank, was asked to take over the management. He immediately sent a team of experts from his Asia Trust Company to launch a big rescue mission. He used his wide range of business contacts and connections to conduct major banking activities in international affairs, currency and loans. Meanwhile, he appointed a trusted aide, Mr Rojanasthien, to deal with the bank’s internal system. Mr Rojanasthien applied proper management and accounting principles to solve the bank’s liquidity problems.

Under Mr Chin’s competent management, the bank developed rapidly to become the number one local bank by 1970. It has continued to maintain a leading international position to this day.

Mr Chin loved his country. He viewed growth for Bangkok Bank in terms of its concrete contribution to the Thai economy.

Mr Chin used all the information that promised to be useful to the bank. He loved to read books that helped him in his daily work. He routinely started each morning in the office by reading daily reports and calling for documents he wanted. Though an old time banker, he was receptive to new ideas, determined as he was to keep Bangkok Bank growing. He supported the introduction of new technology and electronic banking in 1978 – 79, the introduction of new management concepts, like management by objectives, and allowing employees to own shares in the Bank.

Mr Chin was an effective administrator. He could easily put an issue to one side after several hours of serious debate and immediately take up a new issue without getting mixed up or losing sight of the matter at hand.