The major Thai bank SCB acquires 51% of the shares in the cryptocurrency exchange - Finance
The major Thai bank SCB acquires 51% of the shares in the cryptocurrency exchange - Finance
The Siam Commercial Bank, one of the largest banks in Thailand, acquires 51 % of the shares in a cryptocurrency exchange. The takeover will help the bank "to create new growth value in the long term in a new financial world," said the bank's CEO.
Great Thai Bank becomes a majority shareholder of Cryptocurrency Exchange
Thailand's oldest lender, the Siam Commercial Bank (SCB), announced on Tuesday that her subsidiary Siam Commercial Securities Company Ltd. (SCBS) for 17.85 billion baht ($ 536 million) 51 % of the shares in the local crypto exchange Bitkub. SCB is the fourth largest lender in the country according to assets.
The takeover will help the SCB group "to create new growth value in the long term in a new financial world," said CEO Arthid Nanthawithaya and added:
In the past 1-2 years, Digital Asset Industry, one of the financial sectors of the world of the future, has grown rapidly and could continue to grow in the long term.
The transaction should be completed by the first quarter of 2022, subject to official approval by the responsible authorities such as the Bank of Thailand (Bot) and the Thai Securities and Exchange Commission (Sec).
Bitkub founder and CEO Jirayut Srupsrisopa commented:
We had to raise Bitkub to the global level, so we turned to a strong partner like SCB who helps us achieve our goal faster and more sustainably.
Several other Thai banks and financial institutions have penetrated in crypto-assets.
In August, the Bank of Ayudhya took part in a $ 41 million investment round in the Thai crypto tour. One of the investors of the stock exchange is the risk capital company B Capital Group by Facebook co-founder Eduardo Saverin.
Another large bank in Thailand, the Kasikornbank, introduced a service for digital token offers at the beginning of this year. Some companies, such as the financial consulting company Brooker Group, have made cryptocurrencies like Bitcoin part of their investment strategies.
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