People walk pass the logos of Siam Commercial Bank at an exhibition hall in Bangkok on May 12, 2016. (Reuters photo)HONG KONG/SINGAPORE - Siam Commercial Bank has halted the sale of its insurance unit, expected to fetch $3 billion (102.2 billion baht), as talks with potential bidder Hong Kong insurer FWD Group failed on valuation disagreements, three people familiar with the matter said. FWD, which is owned by tycoon Richard Li, the youngest son of Hong Kong's richest man, Li Ka-shing, was in talks with SCB, Thailand's third-biggest lender, on the insurance unit deal. It was not immediately clear if the Thai bank will relaunch the sale in the near future. The sources declined to be named due to the sensitivity of the matter.

Source: Bangkok Post July 06, 2017 07:52 UTC