GSB Labor Union seeks resignation of one of the bank’s Managing Directors ‘Wisit’

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BANGKOK, 21 Feb 2014,  The Labor Union of the Government Savings Bank (GSB) has announced the bank’s neutral stance, without any desire to get involved in politics. The union has however demanded the resignation of one of the managing board members, ‘Wisit Wisitsora-at ’.

In a written statement, the union claimed that Mr. Wisit’s views on the subject of the bank’s recently recalled loan to the Bank of Agriculture and Agricultural Cooperatives is solely his personal opinion, and does not reflect the opinion of the bank or its employees at large.

The statement also said that the GSB is a financial institution established by King Rama VI with the aim of providing financial services to the public, adding that during its century-long existence it has operated under established good governance principles. The statement stresses the bank’s neutrality, being free from influences of politics and capable of carrying out its work without bias.

More than 60 billion baht has been withdrawn from GSB during the past 3 days, as the bank’s customers continue to express their discontent with the GSB’s executive decision to advance a loan to the BAAC, to fund the rice mortgage program. That decision was rescinded under pressure from depositors.