Thanachart Bank has built up its stake in Siam City Bank to 99.24 per cent following the completion of the tender offer on June 9.
Somjet Moosirilert, CEO of Siam City Bank and senior executive vice president of Thanachart Bank, said that the boards of directors of both banks agreed to delist SCIB from the Stock Exchange of Thailand.
The extraordinary shareholder meeting will be held on August 5. With relevant approvals, Thanachart will launch another tender offer for the remaining shares during September and November.
"This is in line with the shareholding structure at SCIB. Moreover, after both banks are merged, SCIB will be liquidated and its banking license will be returned to the Bank of Thailand," Somjet said in a press statement.