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Report: Global suitors weigh bid for Siam Commercial Bank's insurance biz

Siam Commercial Bank PCL is seeking formal bids for its insurance business, Reuters reported Jan. 23, citing "people with knowledge of the process."

The lender was previously looking to off-load a 49% stake in the unit, but this may change as revisions in foreign shareholder rules are expected to come soon. The rule changes could see overseas entities being allowed to own 100% stakes in Thai insurers, the sources said.

The initial bids for a partial or complete sale of the business are expected to be submitted in early February.

Prudential Plc, AIA Group Ltd. and Manulife Financial Corp. are among the interested parties.

The Thai bank and the potential bidders all declined Reuters' requests for comment.