Weerawong, Chinnavat & Peangpanor Ltd. (Weerawong C&P) advised The Siam Commercial Bank PCL (SCB), one of the country’s largest and most venerable financial institutions in respect of the sale of its 60.86% equity stake in The Siam Commercial Samaggi Insurance PCL (SCSMG), a major general insurance company in Thailand to ACE Group, a global insurance and financial services firm based in the US.

This transaction presents an excellent opportunity for ACE to further build their business in this fast-growing market by expanding their presence in personal and small commercial insurance. SCB and ACE Group have reached a conditional agreement on January 13, 2014 for the sale of the equity stake at THB 3.74 billion (approximately USD113 million). The transaction as contemplated by the agreement will likely be completed in the second quarter of 2014.

Weerawong Chittmittrapap was a leading partner in this transaction with Samata Masagee, Panuwat Chalongkuamdee and Wiriya Chinkarn, the associates.