SCBX launches virtual Bank X, drops 31-billion-baht Home Credit Vietnam deal

SCBX has established a new subsidiary, Bank X, to pursue a virtual banking business in Thailand, while Thai Commercial Bank has cancelled its planned 31-billion-baht acquisition of Home Credit Vietnam after the conditions of the deal were not met on time.

Thai Commercial Bank (SCB) informed the Stock Exchange of Thailand that its board, at meeting No. 8/2026 on March 20, 2026, approved the termination of its share purchase agreement (SPA) with Home Credit N.V., ending its planned investment in Home Credit Vietnam Finance Company Limited.

Previously, the bank’s board, at meeting No. 5/2024 on February 27, 2024, and its 201st annual general meeting of shareholders on March 20, 2024, had approved the acquisition by the bank, a subsidiary of SCBX, of a 100% stake in Home Credit Vietnam Finance Company Limited.

The investment was valued at approximately 20.973 trillion dong, or around 31 billion baht, although the final price could have been adjusted in line with the terms set out in the agreement.

However, certain external factors beyond the control of the parties meant that the conditions precedent specified in the SPA could not be fulfilled within the required timeframe, preventing the transaction from being completed.

As a result, the bank’s board approved the termination of the SPA on March 20, 2026, ending the transaction. The bank said the cancellation would not affect its financial position.

SCBX and the bank said they remain committed to their strategic plan to become a leading regional financial technology group, while strengthening the group’s business presence in high-growth Asean markets and delivering long-term value and returns for shareholders.

In a separate filing to the Stock Exchange of Thailand, SCBX said it had established a new subsidiary, Bank X Public Company Limited, with SCBX holding 90% of the total shares.

The company has been registered as a public limited company with an initial registered capital of 10,000 baht. It plans to increase its registered capital to 5 billion baht within 2026, or when it files an application with the Finance Ministry for a virtual bank licence, in line with the criteria and timeframe set by the Bank of Thailand.

SCBX said the company is now preparing to begin operations with strategic partners including KakaoBank Corp., one of the company’s shareholders and the largest digital bank in South Korea, and WeBank Technology Services Limited, a subsidiary of WeBank Co., Ltd., one of China’s leading digital banks.

The partnership aims to apply innovation and advanced technology to the development of financial products and services for customers in Thailand, with further updates to be announced in due course.

SCBX said the transaction does not constitute a connected transaction and is not of a size that would require disclosure under the rules governing the acquisition and disposal of assets by listed companies.