HSBC Holdings Plc, Bank of Nova Scotia and Hong Leong Bank Bhd. are among bidders for a stake in Siam City Bank Pcl, Thailand’s seventh-biggest lender by assets, four people familiar with the matter said.

Bank of Nova Scotia made the offer together with its local affiliate Thanachart Bank Pcl, which owns 4.9 percent of Siam City Bank, the people said, declining to be identified as the talks are private. Thailand’s central bank is seeking about $1 billion for its 47.6 percent stake, people with knowledge of the matter said last month.

hsbc_logo

Thailand, wracked by violent political protests in the past two years, is easing restrictions on foreign ownership of banks to encourage investment and boost competition in the financial industry. Siam City Bank’s higher cost of funding puts it at a disadvantage to larger local rivals, said Anne Jirajariyavech, an analyst at JPMorgan Chase & Co. in Bangkok.

via HSBC, Bank of Nova Scotia Said to Bid for Thailand’s Siam City – Bloomberg.com.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Thai Industrial sentiment at 10-year high

The Federation of Thai Industries (FTI) has reported a rise in the Thai Industries Sentiment Index (TISI) in March 2023, attributed to an increase in foreign tourist numbers and domestic tourism promotion measures.

Thailand Becomes Changan Auto’s First EV Production Base Outside of China

Thailand Becomes Changan Auto’s First Right-Hand Drive EV Production Base Outside of China with 9.8 Billion Baht Investment

Thailand emerges as major link in EV supply chain

With its well-established automotive industry and strong government support, Thailand aims to become the EV hub of ASEAN and a major player in the global EV supply chain