When it became clear that the family needed to raise more money, Sukit called a new meeting. According to people present, the majority agreed that it was not prudent to invest any more in the bank. The decision made a sale inevitable. He hints at a subtle difference of opinion with some other family members, saying that his heart is in farming, not banking. But many analysts doubt Wanglees will remain in management past a transition period.
Most family members say they are resigned to the sale.
Thamnu concurs, arguing that international competition and free capital flows are drawing the curtain on Thai-style relationship banking anyway. If we put up lots of fresh money, we can survive for a year to two, but that's all. But for Vuttichai, keeper of the family flame at the old Wanglee headquarters, the bank sale is nothing to be proud of. Vuttichai recently organized the family's Ching Ming ceremony, on the Chinese holiday to remember ancestors. Almost no one came.