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    SCB   TH0015010000

THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED

(SCB)
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Siam Commercial Bank : Thai lender SCB forms JV with Indonesian travel app Traveloka

03/25/2021 | 11:48pm EST
FILE PHOTO: A woman walks out from a Siam Commercial Bank branch in Bangkok

BANGKOK (Reuters) - Thailand's third-largest bank by assets Siam Commercial Bank Pcl (SCB) on Friday announced a joint venture with Indonesian startup Traveloka to offer financial services and products to Thai customers.

The new joint venture, TREX Ventures, will combine Traveloka's understanding of user behaviour and tap into SCB's 16 million customers, Pitiporn Phanaphat, the chief financial officer of the bank's venture arm, SCB 10X, said in a statement.

The announcement comes as Thai banks ramp up digital offerings and investments in technology.

TREX Ventures is SCB's second partnership with an Indonesian startup. In 2019, it invested in Indonesian ride-hailer Gojek.

Traveloka, Southeast Asia's largest online travel app, said the tie-up is its first joint venture dedicated to financial services.

"We believe Thailand's consumer market offers abundant opportunities for Traveloka," said Traveloka Group President Caesar Indra.

(Reporting by Chayut Setboonsarng; Editing by Ed Davies, Martin Petty)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -1.51% 14 Real-time Quote.-17.15%
THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED 0.41% 123.5 End-of-day quote.-2.76%
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Analyst Recommendations on THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
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Financials
Sales 2021 148 B 4 492 M 4 492 M
Net income 2021 35 484 M 1 077 M 1 077 M
Net Debt 2021 - - -
P/E ratio 2021 11,8x
Yield 2021 3,47%
Capitalization 420 B 12 718 M 12 745 M
Capi. / Sales 2021 2,84x
Capi. / Sales 2022 2,76x
Nbr of Employees 25 953
Free-Float 69,9%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 123,50 THB
Average target price 144,65 THB
Spread / Average Target 17,1%
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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