Thanachart Bank buys Siam City Bank

Thailand's banking regulator has sold its controlling interest in Siam City Bank to Thanachart Bank for Bt32 billion $978 million.

Thailand's Financial Institutions Development Fund FIDF, the arm of Thailand's central bank that bails out distressed financial institutions, owned a 47.58% stake in Siam City Bank SCIB. The FIDF invested in SCIB in 1998 following the Asian financial crisis and subsequently merged SCIB with Bangkok Metropolitan Bank.

The FIDF worked with UBS Securities and local firm Tisco Securities to monetise its stake in SCIB. Expressions of interest were sought from qualified investors and five bidders comprising Thanachart Bank, popularly known as TBank, and four international parties submitted bids. TBank won the...