HONG KONG/BANGKOK (March 8): Swiss private bank Julius Baer Gruppe AG is forming a joint venture with Thailand's Siam Commercial Bank Pcl (SCB), the latest foreign entrant looking to tap growing wealth in the Southeast Asian country.
Julius Baer will hold 40% of the joint venture's initial registered capital of 1.8 billion baht (US$57.53 million) while SCB, Thailand's second-largest bank by assets, will own 60%, the two firms said on Thursday. Julius Baer will have the option to increase its stake in the venture to 49% over time.
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