Siam Commercial Bank called speculations it plans to buy a 26 percent stake in TMB Bank through a share swap as groundless.
The bank had informed the Stock Exchange of Thailand that it had no plans to swap one share for 60 shares of TMB held by the Ministry of Finance at the price of 2.40 baht per share.
If the share swap goes through, SCB will become the country's largest commercial bank, the reports said.
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