Malaysia’s CIMB on Tuesday named former Thai Military Bank chief executive officer Supak Sivarak as a chairman of its controlled Bank Thai, according to people involved in the Bank industry.

The news source said Bank Thai has been reported the appointment to the Bank of Thailand in accordance with its regulation.

Mr. Supak beats another prospective candidate M. L. Chayothit Kridakorn, a securities guru and director of SCB Securities, for his better experience and more talent in the banking business.

Mr. Supak was immediately unavailable to comment, saying it’s not a proper time to talk until everything is officially announced.

The source said Mr. Supak’s prime strategy should be rebuilding the bank’s image and its positioning.

Bank Thai is seen lagged behind competitors in term of competitiveness and hedging.

It reported accumulated loss of 14.46 billion baht ($420 million) from derivative equity in the previous quarters.

The bank’s direction is also unclear. Under management of its former director, Mr. Pirasilp, the bank headed for a retail banking business, which resulted in a massive NPL and halted operations for two years, the news source added.