SCB X Public Company Limited (SET: SCB) has made further clarification regarding the report of it looking to sell its asset management unit, saying that the report was not true and the company did not have any plan on selling this asset management unit.
Earlier this morning, SCB stated that the discussion for selling its SCB Asset Management Co., Ltd., (SCBAM)unit is in an early stage and there is no certainty the deal will go through.
SCB stated that following its strategic plan, the company normally explores business opportunities to add value to its shareholders while also improving services for its customers in the group. The asset management business is essential to SCB’s services and also creates strategic value to the company and its group. Thus, SCB reiterated that it does not have any plans to sell its asset management unit.
Last Friday, Bloomberg reported that SCB was considering options that include a sale of its asset management unit, SCB Asset Management Co., Ltd., (SCBAM), citing people familiar with the matter.
The report stated that the Thai bank has been speaking with financial advisers to explore a potential transaction for its asset management unit, which has a potential value of around $1 billion to $1.5 billion (approx. 36-54 billion baht).
SCB Asset Management has approximately 1.6 trillion assets under management.