Bangkok--3 Oct--Moody's Investors
Moody's Investors Service has withdrawn the ratings of Siam City Bank Public Company Limited (SCIB) following the bank's legal merger with Thanachart Bank Public Company Limited (TBank; unrated).
All assets and liabilities of SCIB were transferred to TBank on October 1, 2011.
The merged entity is the fifth-largest bank in Thailand. The combined entity expects the business integration and rebranding to be completed by end-2011.
SCIB, headquartered in Bangkok, had assets of THB411 billion (USD14billion) as of December 2010.
The following ratings were withdrawn:
Long-term and short-term foreign currency deposit ratings: Baa2/P-2,stable outlook.
Long-term and short-term provisional foreign currency senior unsecuredmedium-term note programme ratings: (P)Baa2/(P)P-3, stable outlook.
Long-term and short-term provisional foreign currency subordinatedmedium-term note programme ratings: (P)Baa3/(P)P-3, stable outlook.
Bank financial strength rating: D, stable outlook.