Siam Commercial Bank has on Tuesday denied that it is planning to buy a 26 per cent stake in TMB Bank through a share swap, reports said.
SCB dismissed the speculation as groundless, and had informed the Stock Exchange of Thailand that it had no plans to swap one share for 60 shares of TMB held by the Ministry of Finance at the price of 2.40 baht per share.
If the share swap goes through, SCB will become the country's largest commercial bank, the reports said.
As of 12.14pm, SCB rose 0.71 per cent to 142.50 baht while TMB dropped 0.64 per cent to 1.55 baht.
