SCBX Public Company Limited (SET: SCB) has announced that following to the cessation of business license with the Money Authority of Singapore (MAS), the company received an approval from Bank of Thailand (BoT), to withdraw SCB-Julius Baer (Singapore) Ltd. Pte. (SCB-JULIUS BAER SINGAPORE) from SCBX Group. Pursuant to BOT consolidated supervision’s rules, SCBX shall indirectly hold SCB-JULIUS BAER SINGAPORE 100% of the company’s paid-up capital through Siam Commercial Bank and SCB-Julius Baer Securities Co. (SCB- JB) until the completion of the liquidation process with the relevant authority in Singapore.
The cessation of SCB-JULIUS BAER SINGAPORE does not impact SCB-JB’s operation in Thailand. SCB-JB continues to provide wealth management services in Thailand under relevant SEC granted licenses.