SCBX is to be fully operational, following BOT approval of dividend payments from Siam Commercial Bank’s retained earnings

BANGKOK – “SCBX” is ready to fully accelerate the growth and expansion of its business in accordance with the “mothership” strategy following approval by the Bank of Thailand (BOT) on 2 September 2022. Siam Commercial Bank will pay dividends from retained earnings in the amount of approximately 61 billion baht to the Bank’s shareholders as approved by the Board of Directors meeting no. 13/2022 held on 5 September 2022. SCBX will receive a dividend in the amount proportional to its 99.06% stake and will use the proceeds, in accordance with the business restructuring plan, to acquire shares of subsidiaries from the Bank and SCB 10X Company Limited and invest in SCBX’s subsidiaries, totaling 12 companies. The proceeds will not, however, be used to pay interim dividends to SCBX shareholders. Interim and annual dividend payments for the year 2022 to SCBX shareholders will be decided by the Board of Directors in the future.

Such dividend payments mark an important milestone in SCBX’s execution of its strategy to become a leading financial technology group in the region. SCBX will continue to explore investment opportunities to create shareholders’ value in a timely manner. The Bank, after paying these dividends, will continue to maintain a strong capital position and the ability to operate the business, including providing services to customers in a seamless and efficient manner.

SCBX Public Company Limited (SCBX) Chief Executive Officer Arthid Nanthawithaya said, “According to the strategic restructuring plan of the mothership strategy, this process of transferring dividends from the Bank’s retained earnings to SCBX is one of SCBX’s major achievements. After this, SCBX’s business outlook will be more lucid, with more potential and flexibility contributing to the Group’s business expansion on multiple fronts. The Group will be able to fully expand the business and compete on an equal level with global competitors. This will help fulfill the objective of driving the Group to become a regional financial technology group that delivers long-term shareholder’s value.”

The 12 companies that SCBX will acquire and invest from the business restructuring:

1. Innovest X Securities Company Limited (formerly SCB Securities Company Limited)
2. SCB 10X Company Limited
3. Token X Company Limited
4. Monix Company Limited
5. SCB Tech X Company Limited
6. Purple Ventures Company Limited
7. SCB Abacus Company Limited
8. Digital Ventures Company Limited
9. Alpha X Company Limited
10. AISCB Company Limited
11. Auto X Company Limited
12. Card X Company Limited

(DataX will be established without using this dividend payment allotment.)