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    SCB   TH0015010000

THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED

(SCB)
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Siam Commercial Bank Public : Thai firms SCB, CP Group form venture fund seeking $800 million

09/22/2021 | 08:08am EST

BANGKOK (Reuters) - Thailand's third-largest lender Siam Commercial Bank Pcl has set up a venture capital fund with top agro-industrial conglomerate, Charoen Pokphand Group, SCB said on Wednesday, as it announces major restructuring.

The companies will co-manage the fund and each contribute $100 million, SCB chief executive Arthid Nanthawithaya told a virtual briefing.

The fund will raise money from outside investors with a target of $600 to $800 million, he said, adding that it will invest in digital assets and emerging technologies.

"Blockchain technology will change the face of multiple industries ... we are in the early days of the promising technology and its impact to various sectors," said CP Group chairman, Soopakij Chearavanont.

The announcement comes a day after SCB formed a joint venture https://www.reuters.com/article/siam-comm-bank-advanc/thai-scb-ais-shares-jump-over-online-lending-jv-idUSL4N2QO1J1 with Thailand's top mobile operator, Advanced Info Service Pcl in an online lending platform.

The lender will also reorganise and form a new company, SCBX, which will be the "mothership", Arthid said.

SCBX will swap shares with SCB and then later be traded on the stock exchange pending shareholder approval, he added.

The new entity will give it more flexibility in new growth areas in technology and markets like Indonesia, Vietnam and the Philippines, targeting 200 million customers by 2025, he added.

The bank's credit card, auto and data businesses will become individual companies with a view listings in the next 3-5 years.

(Reporting by Chayut Setboonsarng; Editing by Martin Petty)


ę Reuters 2021
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Financials
Sales 2021 148 B 4 389 M 4 389 M
Net income 2021 35 479 M 1 053 M 1 053 M
Net Debt 2021 - - -
P/E ratio 2021 11,7x
Yield 2021 3,30%
Capitalization 415 B 12 300 M 12 311 M
Capi. / Sales 2021 2,81x
Capi. / Sales 2022 2,73x
Nbr of Employees 25 953
Free-Float 69,9%
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Mean consensus BUY
Number of Analysts 21
Last Close Price 122,00 THB
Average target price 139,57 THB
Spread / Average Target 14,4%
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Managers and Directors
Arthid Nanthawithaya Chief Executive Officer & Director
Apiphan Charoenanusorn Co-President
Sarut Ruttanaporn Co-President
Arak Sutivong Co-President
Manop Sangiambut Chief Financial Officer