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Bangkok Post

Business

Collapse of the SCB-Bitkub deal

Bitkub KUB SCB Jirayut Srupsrisopa SCB X Thailand BO SEC Zipmex

Bitkub's booth at a previous edition of Money Expo. Bitkub was expected to become a 'unicorn' after the announcement of its acquisition, which valued a 51% stake at more than US$500 million. Chanat Katanyu

Siam Commercial Bank (SCB), Thailand's oldest lender, announced on Aug 25 the collapse of its acquisition offer for 51% of the shares of Bitkub Online Co (Bitkub) from Bitkub Capital for 17.8 billion baht, citing regulatory issues.

The deal was announced in Nov 2021 with SCB Securities Co (SCBS), a subsidiary of SCB X, to be responsible for the transaction, which was part of the group's major digital strategy. SCB X, which holds 99.06% of SCB, emerged in Nov 2021 after the bank transformed its business from a commercial bank to a more flexible holding company.

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