Siam City seeks completion of 47.58% stake divestment

Bank wants its new shareholder to help fortify operations and to revise bank's 2010 core business plan.

SCIB president Chaiwat Utaiwan said the lender expects to complete the stake sale by March, as reported in the Bangkok Post.

The central bank's Financial Institutions Development Fund is currently soliciting bids for the sale of SCIB’s stake. Banks that have reportedly expressed interest include HSBC, Korea Development Bank and Thanachart Bank.

SCIB, Thailand's seventh-largest commercial bank, projects loan growth of 18 billion baht ($545.60 million) or 6 percent from 2009, based on expectations of economic growth of 3 percent to 3.5 percent this year.

Mr Chaiwat said SCIB would also look for acquisition opportunities, noting that small auto-leasing firms may be increasingly eager to divest their assets considering market trends pointing to higher interest rates.