Thai Bank Delays Acquisition of Bitkub Amid Market Turmoil

Thailand’s oldest bank, Siam Commercial Bank, announced that it was ‘delaying’ the planned acquisition of local cryptocurrency exchange operator Bitkub. Getting Cold Feet from Crypto Winter? According to a local media report, SCB X Plc (SCB), formerly known as Siam Commercial Bank, is in the ‘process of due diligence’ and therefore the acquisition plan of Bitkub cryptocurrency exchange is delayed. In a statement to the Stock Exchange of Thailand, SCBX said, “Presently, the matter is in the process of due diligence and discussion with the regulatory bodies. Therefore, the competition period of the transaction is now delayed,” . The delay in the planned acquisition comes amid the bank looking to negotiate the price down or even walk out of the deal, following the crypto market meltdown from the past 3-months. The original plan includes the acquisition of 51% of Bitkub for 17.85 billion baht or $535 million, valuing the company at about 35 billion baht which is nearly $1 billion. Remodeling from Bank to Fintech SCB’s acquisition of Bitkub comes amid the bank remodeling to a “mothership company” in an effort to become a “regional financial technology conglomerate” by 2025, with focus in areas such as blockchain, digital assets and fintech. Under the deal, SCB Securities will become Bitkub’s major shareholder and will be responsible for engaging closely with the company as a business partner in building a business and digital asset...