The Siam Commercial Bank's extraordinary general meeting of shareholders on Tuesday approved the sale of the bank’s 65,949,620 ordinary shares in SCB Life Assurance Plc (SCB Life), representing 99.17 per cent of the total issued shares in the capital of SCB Life to FWD Group Financial Service and/or its affiliates.

 Siam Commercial Bank Plc (SCB) has sold 99.2 per cent of its holding in SCB Life Assurance Plc for Bt92.7 billion to FWD Group Financial Services Plc (FWD), in a move to raise investment capital. The bank's life insurance business generated an average of Bt6 billion in profits in recent years.