The devaluation of the pound sterling in 1931 was a factor in the closure of the Thung Song branch and caused difficulties for the bank as a whole. SCB immediately saw its pound-deno- minated assets (hard currency and negotiable notes) decline in value.
With its assets now being of less worth, it was difficult to continue operating. The pound devaluation along with the weak economic conditions resulted in SCB's suffering a 3 million baht loss.
To save the bank, H.M. King Rama VII Prajadhipok, instructed the Privy Purse to lend SCB 3 million baht at no interest.
In 1939, World War II erupted in Europe. Shortly thereafter, the Thai government proclaimed its "nationalistic" policies with their focus on Thai ethnic identity. As part of this effort, the names of the country and its people were changed from "Siam" to "Thailand".
Siam Commercial Bank’s Board of Directors voted to changethe Bank’s Thai name to "Siam Commercial Bank", pronounced as "Thanakhan Thai Phanit, Limited." while the English name was modified to "Thai Commercial Bank Limited." The name it uses today and, after World War II reverted to its original English name, "Siam Commercial Bank."
Between the 24 June 1932 change from absolute monarchy