Introduction

This introduction examines the overall evolution of the organizational structure of Thailand’s financial system and the transformation of the commercial banking sector by comparing key market characteristics before and after the Asian Financial Crisis, serving as a foundation for analyzing the post-Asian Financial Crisis financial reforms. The analysis reveals that, in contrast to the pre-crisis era characterized by a closed market structure, minimal foreign participation, and family-run operations in large banks, the commercial banking market has increasingly incorporated foreign capital and foreign banking entities. Traditional family founders of these banks have seen a reduction in their ownership control. In light of this market reorganization, the study scrutinizes the resulting changes in ownership structures and banking practices, aiming to evaluate the effectiveness of financial reforms and policies implemented in the post-crisis period.