Saturday, October 31, 2009

Advisers named for Thailand's SCIB bank sale

Tisco Securities and UBS were engaged yesterday as financial advisers for the sale of the 47.58 per cent of Siam City Bank (SCIB) held by the Bank of Thailand's rescue fund.
The other applicants for the job were Quant Group, Trinity Advisory 2001 and Phatra Securities.
Tongurai Limpiti, the assistant governor supervising the Financial Institutions Development Fund (FIDF), said strategy, planning and also the experience of the financialadvisers in terms of human resources and organisation were most in line with the requirements of the FIDF.
All qualifications met the terms of reference and gained the highest marks, he said.
Tisco completed the paperwork on October 22 and started meeting to prepare for the share sale on the same day.
It has been given a one-month deadline to finalise the plan.
The central bank may sell its shares in Siam City Bank in the second quarter of next year if the market is favourable, Tongurai said.
The FIDF seized the lender in the aftermath of the Asian financial crisis more than a decade ago.
SCIB is the seventh-largest bank, with Bt413.8 billion worth of assets at the end of June, according to a central bank statement.
Recently, Thanachart Bank expressed strong interest in FIDF's stake in SCIB.
Thanachart has asked for shareholder approval to increase its capital by Bt40 billion to support its intention to buy SCIB.
The Industrial and Commercial Bank of China is also a strong contender to buy the SCIB shares.

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