Siam City Bank

Siam City Bank (Thai: ธนาคารนครหลวงไทย, RTGS: Thanakhan Nakhon Luang Thai) was a Thai bank that operated from 1941 to 2010. The bank was founded by the Nirandorn family, but changed hands many times, and by the 1990s its largest shareholders were the Srifuengfung and Mahadamrongkul families.[1] The bank suffered badly from the 1997 Asian financial crisis, prompting the Bank of Thailand to intervene. The bank was bailed out and taken over by the state-owned Financial Institutions Development Fund (FIDF). It underwent a merger with the Bangkok Metropolitan Bank in 2002.[2] In 2010, the FIDF sold its controlling stake in the bank to Thanachart Bank (then owned by the Bank of Nova Scotia), into which it was merged.[3]

References

  1. ^ Polsiri, Piruna; Wiwattanakantang, Yupana. Business Groups in Thailand: Before and after the East Asian Financial Crisis (PDF). CEI Working Paper Series (Technical report). Institute of Economic Research, Hitotsubashi University. 2004-13. Retrieved 21 October 2019.
  2. ^ "The Merger of Bangkok Metropolitan Bank and Siam City Bank" (PDF). Bank of Thailand News. No. 12/2002. Bank of Thailand. 29 March 2002. Retrieved 21 October 2019.
  3. ^ Dhanananphorn, Manunphattr; Wichakul, Boontiwa (11 March 2010). "Scotiabank's Thanachart buys $1 billion Siam City stake". Reuters. Retrieved 21 October 2019.


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