Central Group and Krungsri Group announce pivotal business cooperation, appointing Krungsri Consumer as Central Group's principal financial service provider

Krungsri Group (Bank of Ayudhya PCL and its subsidiaries) join forces with Central Group in announcing pivotal business cooperation awarding and extending General Card Services Limited, a part of Krungsri Consumer Group, as Central Group's main financial service partner to operate financial products under the brand Central The 1. The two partners will also further leverage cross-group synergy to offer innovative financial products and services that meet all lifestyles of the two groups' customers and grow their business together.

Mr. Kenichi Yamato, President and CEO of Bank of Ayudhya PCL, added, "Krungsri Group is pleased and honored that Central Group has shown their trust in us and decided to renew the partnership for the fourth time since the cooperation commenced in 1998 and keep General Card Services Limited, a part of Krungsri Consumer Group, as their main financial service provider. Over the past 2 decades, the two groups joined hands in developing quality financial products, which include co-branded credit cards, personal loans, and instalment loans to meet the various lifestyles of Central Group's customers. The two parties share an unwavering commitment to fostering their business growth together, with Central The 1 Credit Card now Thailand's largest player in the co-branded credit card market and enjoying skyrocketing triple growth since the previous contract renewal in 2017. We have also furthered our business cooperation framework by allowing for a series of initiatives to offer better services and products to customers. With the latest renewed cooperation, Krungsri Group remains committed to working closely with Central Group to develop new products and payment solutions. The bottom line is to ensure we cater to customer's ever-changing financial needs and better meet their lifestyles while continuing to grow our business together, sustainably."

Mr. Prin Chirathivat, Deputy Group CEO of Central Group Co. Ltd., revealed, "Central Group and General Card Services Limited have enjoyed successful cooperation in operating Central The 1 Credit Card in recent years. Our joined forces have seen a jumping growth in the customer numbers. From a humble beginning of 'Central Card' with 15,000 cardholders in 1998, we have rebranded the product as 'Central The 1 Credit Card', and developed it to become a leading co-branded credit card with a fast-growing client base of nearly 900,000 customers (as of September 2024). We never cease to develop innovative products, including co-branded credit card, personal loan, and sales finance products, each responding perfectly to all Central Group's customer segments. These products also provide a complete range of benefits our customers enjoy in various retail and service businesses of Central Group, including department stores, property development, fashion service and marketing, hotels and resorts, dining, and the digital lifestyle. Given the above-mentioned outstanding results, Central Group is pleased to maintain General Card Services Limited, a part of Krungsri Consumer Group, as our Central The 1 Credit Card service provider for another eight years from 2025-2032 to extend the already successful partnership and continue to develop what has already been top-class financial services for our customers. We are confident that the renewed partnership will create sustainable growth for the business, help improve the service and retail businesses, and eventually take Thailand's financial industry to the next level."

Since 2017, the former Central Card has been rebranded to Central The 1 Credit Card with unparalleled benefits from every business of Central Group, offering up to 4x The 1 points and up to 10% discount for service within Central Group domestically and internationally. With the target customers expanded, the card has had an overwhelming response, prompting it to record triple growth in market share while the total card spending doubled from the figures registered in 2017. Central The 1 Credit Card has won 13 international accolades since 2018. The acclaimed awards it has achieved include Credit Card of the Year from Global Retail Banking Innovation Awards for four consecutive years and Best Credit Card Product of The Year from The Asian Banker Thailand Awards for three straight years. Central The 1 Credit Card currently has nearly 900,000 cardholders and an average annual card spending of over Bt110,000 million. As a result of the latest renewed cooperation, Krungsri Group and Central Group will keep developing financial products to ensure a better customer experience and sustainably strengthen the business in the long term.