Krungsri Securities
Krungsri Securities is the brokerage arm of Bank of Ayudhya (Krungsri / SET:BAY, MUFG-affiliated). Provides retail and institutional Thai-equity brokerage, mutual-fund distribution, structured-products, and equity-research coverage. Distributes through Krungsri's ~600 branch network. Competes with KASIKORN Securities, SCBS, Bualuang Securities, Maybank Kim Eng (Thailand), and KGI Securities in Thai bank-affiliated brokerage tier.
Profile overview
Krungsri Securities is the brokerage arm of Bank of Ayudhya (Krungsri / SET:BAY, MUFG-affiliated). Provides retail and institutional Thai-equity brokerage, mutual-fund distribution, structured-products, and equity-research coverage. Distributes through Krungsri's ~600 branch network. Competes with KASIKORN Securities, SCBS, Bualuang Securities, Maybank Kim Eng (Thailand), and KGI Securities in Thai bank-affiliated brokerage tier.
Business segments
Retail equities
Bank-channel brokerage
Distributed through Krungsri's approximately 600 branches and the Krungsri App mobile platform. Retail Thai-equity brokerage commission income; target segment is BAY existing deposit and lending customer base.
Institutional
Thai and foreign institutional coverage
Provides institutional Thai-equity research and execution for MUFG-linked institutional clients in Japan and Southeast Asia. MUFG affiliation is a structural advantage for cross-border institutional order flow.
Structured products
DW and structured notes
Derivative warrants (DW) origination and structured-note distribution to Krungsri's high-net-worth client segment. DW market share approximately 3-5% of SET DW notional outstanding.
Bank-affiliated Thai brokerage comparison
Bualuang Securities
KBank Securities
| Broker | Parent bank | Branch network | Foreign bank affiliation |
|---|---|---|---|
| Krungsri Securities | Krungsri (SET:BAY) | ~600 | MUFG (76.9% BAY owner) |
| Bualuang Securities | Bangkok Bank (SET:BBL) | ~1,000 | None (domestic) |
| SCBS | SCB X (SET:SCB) | ~1,000 | None (domestic) |
| KBank Securities | KBank (SET:KBANK) | ~1,000 | None (domestic) |
Watchpoints 2025-2026
Commission compression
Zero-commission race
Competing platforms (InnovestX, Jitta) have driven Thai online brokerage commission rates toward zero for retail equity. Krungsri Securities' bank-channel distribution partially offsets but margin pressure on retail brokerage is structural.
MUFG integration
MUFG strategic review of BAY
MUFG's long-term Thailand strategy for the BAY holding (76.9% stake) shapes Krungsri Securities' access to capital, product range, and cross-border referral flow. Any strategic sale or restructure is a parent-level catalyst.
Derivatives growth
TFEX and DW pipeline
TFEX derivatives volume growth (SET50 futures, sector ETF options) is an incremental revenue opportunity; Krungsri Securities' DW origination programme targets structured retail demand for leveraged SET exposure.
Related Market profiles
Peers, parents, partners, agencies, and other Securities actors.
Competitor
SCBS (SCB Securities)
SCB X Group's brokerage arm; retail Thai equities, foreign equities, derivatives, structured products.
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Competitor
MFC Asset Management
Thailand's oldest asset-management company; listed standalone AM; ~ $11.6B AUM; government, private-sector mandate depth.
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Competitor
KGI Securities (Thailand)
Taiwan-parent (China Development Financial) Thai listed broker; institutional, derivatives depth; FY2024 revenue ~ $58M.
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Reports featuring this profile
Related Market profiles
competitor
SCBS (SCB Securities)
SCB X Group's brokerage arm; retail Thai equities, foreign equities, derivatives, structured products.
competitor
MFC Asset Management
Thailand's oldest asset-management company; listed standalone AM; ~THB 400B AUM; government, private-sector mandate depth.
competitor
KGI Securities (Thailand)
Taiwan-parent (China Development Financial) Thai listed broker; institutional, derivatives depth; FY2024 revenue ~THB 2B.