A race for a major stake in Siam City Bank Plc (SCIB) pushed a bid price per share up to a dramatically high at 45 baht each, according to the Bank of Thailand’s rescue arm Financial Institutions Development Fund (FIDF).

A news source said an entering of state-own Korea Development Bank into the bidding has forced competitors to push up the offering prices.

KDB said it could offer up to $900 million to acquire a 47 percent stake in Siam City.

KDB, however, will face competition from 4 rivals including, Canada’s Bank of Nova Scotia’s local bank Thanachart, Leong Bank Berhad from Malaysia, HSBC, and a mutual fund from Europe.

FIDF said conclusion for the deal price will be settled on January 25.

It said the lowest bidding price for SCIB is 28 baht a share and the average price is 35 baht.

The central bank’s arm said it would relax rules on foreign local company in Thailand especially for SCIB if the winner goes to a foreigner.

SCIB has posted a 106 percent growth for the fourth quarter of 2009.

The bank has 407 branches in operation across the country.