Kiatnakin Bank, the Thailand-based bank, is planning to shift its focus to wealth management as it seeks to boost earnings.

The Thai bank was set as a commercial bank after it merged with Phatra Capital in mid-September 2012 to create Kiatnakin-Phatra Financial Group. Phatra has limited capital but the firm has considerable experience and a rather vast network in the capital markets industry.

Kiatnakin Bank is looking to build its wealth management presence because most of its customers are in the affluent to high-net-worth range and Phatra's network can easily support this initiative.

"Deposits today cannot beat inflation. We must find funds from other sources, and funds from the capital market and wealth management are our focus," said Tawatchai Sudtikitpisan, president and chief executive of Kiatnakin Bank.

Kiatnakin-Phatra expects that wealthy clients' assets under management will double to THB600 billion (US$19.6 billion) over the next two to three years. The mass and mass affluent clients will be serviced by the new entity's banking branches, while the HNW customers will be taken care of by Phatra.