Tag: Siam Commercial Bank
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Siam Commercial Bank (SCB), Thailand's oldest bank, has announced the acquisition of a controlling share in Bangkok-based cryptocurrency exchange Bitkub. The transaction, valued at THB 17.85 billion (approximately Rs. 3,994 crores), is slated to close in the first quarter of 2022, barring any regulatory issues, and is intended to provide the bank with "new growth value in the long term within a new financial world." Although this merger may not have immediate worldwide consequences in terms of scale, the SCB-Bitkub agreement will go down in history as one of the most significant crypto mergers and acquisitions ever.