Siam City Bank, which was nationalised in February 1998 following failure of a series of deadlines to meet capital standards, has witnessed an increase in its Q4 profit by 64% from a year earlier, reported Bloomberg.
Against this backdrop, the central bank of Thailand intends to complete the sale of its 47.6% stake in Siam City Bank by the end of March 2010 and get about $1bn from the transaction.
In an interview last year, Min Euoo Sung, CEO of KDB, said that the bank would like to acquire at least two commercial lenders in Asia in 2010 to build deposits before the initial public offering scheduled for next year, reported the news agency.
