(Reuters) – Privately held Thai Credit Retail Bank Pcl expects asset to double to 30 billion baht ($963 million) after purchasing financial firm Siam Industrial Credit Pcl SICC.BK (SICCO), its chief executive said on Thursday.
The small-sized bank expects to complete a tender offer for SICCO over the next three to five months, chief executive Mongkon Leelatum told Reuters, a day after the bank signed an agreement with Siam Commercial Bank (SCB.BK) to buy the 38.65 percent stake in SICCO for 924 million baht. [ID:nWNAS9275]
“After the tender offer, our assets will rise to 30 billion baht from 15 billion baht now,” Mongkon said, adding the purchase would also boost its competitiveness in the car hire-purchase market, a focal point for SICCO.
At 0506 GMT, SICCO shares were up 2.67 percent at 4.62 baht, while the main Thai index .SETI was 0.75 percent higher. ($1=31.15 Baht) (Reporting by Manunphattr Dhanananphorn; Writing by Arada Kultawanich; Editing by Jason Szep)
