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.


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 –

About the author

Leave a Reply

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

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

APAC region records 119% QoQ growth in M&A deal value in Q2 2022

India, Australia and China were the top three countries when measured in terms of M&A deal value in Q2, with India accounting for half of the top 20 deals. South Korea, Indonesia, Malaysia, and Japan were the next top countries that contributed to a surge in M&A deal value.

How to Establish a Branch Office in Thailand

Establishing a branch office in Thailand can be more complex, costly, and timely when compared to incorporating a private limited company. However, the advantage of a branch office is that it can be 100 percent foreign-owned.