SCB Asserts No Binding Commitment with FWD Regarding “SCBLIFE”

The Siam Commercial Bank Public Company Limited (SCB) has clarified about the article “  Siam Commercial Bank will sell SCBLIFE by year-end 2019, pay dividend at a 50% payout ratio and make Baht 23.7 billion in profit from the sale” in the Kaohoon Turakit Newspaper. SCE has denied on this point and stated the news is false and may lead to misunderstanding among investors.

Referring to SCB’s announcement to SET on 22 March 2019 regarding the Execution of a Memorandum of Understanding with FWD Group Financial Services Pte., Ltd., SCB wishes to emphasize that no binding agreement in relation to the potential partnership has been entered into. As a result, the potential partnership may or may not proceed. A further announcement will be made in due course and in line with relevant legal and regulatory requirements.