Bangkok--13 Jul--KIATNAKIN BANK
Kiatnakin Bank successfully reached the agreement to acquire 60% of shares of Siam City Asset Management Co., Ltd. (SCI-Asset) from the Government Pension Fund (GPF). The share transfer was completed on 12 July 2011. Additionally, SCI-Asset’s name will be changed to Kiatnakin Fund Management Company Limited (KKFUND).
Kiatnakin Bank Public Company Limited stated that “Referring to the notifications made by Kiatnakin Bank Plc. to the Stock Exchange of Thailand regarding the Entering into the Share Purchase Agreement on Siam City Asset Management Co., Ltd. (SCI-Asset) to acquire 60% of total issued and paid-up shares of SCI-Asset from the Government Pension Fund (GPF) on 15 June 2011, with the conditions precedent to be fulfilled by both the Bank and GPF, as well as the approval from the relevant government authorities within the specified period. The Bank and GPF have successfully completed the conditions precedent and obtained the approval from the relevant authorities already.”
Moreover, the Bank and GPF have successfully completed the transaction with 234 million Baht cash settlement and share transfer on 12 July 2011. Therefore, the Bank and GPF hold 60% and 40% of total issued and paid-up shares of SCI-Asset respectively. Additionally, SCI-Asset will be changed its name to Kiatnakin Fund Management Company Limited (KKFUND), registered with the Ministry of Finance already.
Currently KKFUND has the assets under management (AUM) of 26,000 million Baht. KKFUND offers a comprehensive line of products for investments, including mutual, private, provident and property funds under the management of Dr. Supakorn Sunthornkij, Managing Director, who has earned trustworthiness from investors and financial institutions. Kiatnakin Bank sees a great investment opportunity bringing KKFUND under its umbrella since KKFUND will support the Bank’s services and strengthen the wealth management business.
Note to Editor: Kiatnakin (formerly Kiatnakin Finance and Securities Company Limited) was founded in 1971. Later on in 2005, Kiatnakin began to officially operated as a full-service commercial bank under the name “Kiatnakin Bank Public Company Limited”, with 67 branches now in operation nationwide and assets of Baht 150,000 million. Kiatnakin Group comprises of Kiatnakin Bank Public Company Limited, Kiatnakin Securities Company Limited, (Kiatnakin Bank holding 99.99% of the total shares), Erawan Laws Office Company Limited (Kiatnakin Bank holding 99.99% of the total shares) and Kiatnakin Fund Management Company Limited (the Bank holding 60% of the shares).