SCBX considering sale of asset management subsidiary
SCBX, the ‘mothership’ company of the SCB Group, is currently considering options, including a sale of its subsidiary SCB Asset Management (SCB), according to the company's letter to the Stock Exchange of Thailand on Monday.
The move came after a Bloomberg report revealed that SCBX has been in talks with financial advisers to explore a potential transaction for SCBAM.
Bloomberg added that a potential deal could value the business at US$1 billion to $1.5 billion (36 billion to 54 billion baht).
SCBX said that SCBAM is an important business for the company's strategy, adding the company will continue evaluating strategic options, offers and opportunities, including advice from external consultants.
"The discussion on options is currently at the beginning, and the company would like to confirm that there is no certainty that any action will be taken," SCBX said.
"If there is a transaction, the company will disclose information in line with SET criteria," it added.
SCBAM was set up on March 18, 1992, to manage mutual funds, provident funds and private funds. According to the company's website, Its net asset value under management as of May 31 was 1.6 trillion baht.
