How Financial Engineering, Corporate Governance, and Human Capital Management Help Firms to Survive During the Financial Crisis? A Case Study of CitiBank, N.A. Thailand

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Panaikorn Boonkob


For more than 2 decades after the 1997 Asian financial crisis, there are still discussions and arguments about the causes and remedies of this crisis. The author gathered data and information from international and domestic online documents and conducted in-depth interviews with related experts in order to answer the question: what are key factors for firms' survival during the Asian financial crisis? Using the case of CitiBank N.A. Thailand, the author found that crafting firm competencies, especially promoting its financial engineering governance (e.g., designing effective financial instrument and engineering safety system) could help CitiBank N.A. Thailand survive during the crisis. Furthermore, investing in its human capital management abilities (e.g., initiating talent management and development programs) and building a learning organization are important strategies that helped CitiBank N.A. Thailand handle the crisis and gained a competitive advantage. Lastly, the author offers some recommendations for regulatory agencies like Bank of Thailand (BOT) to oversee and enhance the performance of Thailand’s financial institutions.

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