Siam Commercial Bank abandons plans to purchase $500M stake in crypto exchang...
The bank cited concerns with Bitkub “resolving various issues,” according to recommendations from the country’s Securities and Exchange Commission without a definite timeline. Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub.In a Thursday announcement, Siam Commercial Bank’s SCB X Group said it would no longer be paying 17,850 million Baht — roughly $536 million in November and $497 million at the time of publication — to acquire a 51% stake in the Thailand-based crypto exchange. The bank cited....
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CEO Arthit Nanthawittaya said the acquisition was based on the growth of businesses in the digital asset space over the last 2 years and the expected value in the long term. Thailand’s oldest bank plans to become the majority shareholder of one the largest crypto exchanges in the country after a $536.7 million purchase.According to a Nov. 2 announcement, Siam Commercial Bank’s SCB X Group is expected to buy a 51% stake in Thailand-based crypto exchange Bitkub for 17.85 billion baht, or roughly $536.7 million, by the second quarter of 2022. The exchange said the deal is subject to approval....
The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.
SCB Postpones Acquisition of Thai Crypto Exchange Bitkub
The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal....
Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank. Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($536 million). SCB is the....
The Bank of Thailand doesn’t want local banks or businesses using crypto, while the tourism ministry is still trying to attract crypto whales. The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of crypto assets.The edict came from central bank senior director Chayawadee Chai-Anant on Dec. 7 who cited risks associated with high price volatility."We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk."The latest round of central bank....
Siam Commercial Bank, over a century old, doesn't fail to keep up with the times. Siam Commercial Bank — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages.The fund is just the latest of Siam Commercial Bank's forays into the blockchain and fintech space. The....