Siam City Bank stake deal set for signing

Sources said Thanachart Bank had $984mln bid to acquire 48% of SCB from Bank of Thailand.

The sale of a stake in Thailand's seventh-largest lender, Siam City Bank, by a central bank unit will be signed this month, a Bank of Thailand assistant governor said.

"Everything is ready and waiting to be signed, which will be this month as planned. We want it to be completed quickly," Sorasit Soontornkes said, but he declined to give further details of the deal.

People familiar with the deal have said Thailand's Thanachart Bank, 49 percent owned by Canada's Scotiabank, has offered $984 million to buy the 48 percent stake from the central bank's rescue arm.

Thanachart is also 51 percent owned by Thailand's Thanachart Capital.

View the full story in Reuters.