SCB X, previously called Siam Commercial Bank, is mulling options for its asset management unit as the industry consolidation in Southeast Asia continues to accelerate, reported Bloomberg citing people familiar with the matter.

The Thai lender is in discussions with financial advisers to explore a prospective deal for SCB Asset Management, the sources told the news agency.

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According to the sources, a potential deal could value the firm between $1bn to $1.5bn.

SCB Asset Management has garnered initial interest from a number of industry players, the people divulged.

Considerations are at a preliminary stage and SCB X could also decide against pursuing any deals.

Bangkok-headquartered SCB X did not comment on the news.

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Founded in 1992, SCB Asset Management manages mutual funds, provident funds and funds of funds. At the end of May, its net asset value under management reached about $4bn.

The news comes as banks in Thailand are selling off non-core assets in order to raise capital while some asset managers are seeking merger and acquisition opportunities to drive growth.

Thailand-based Kasikornbank is also said to be considering the sale of its asset management arm amid interest from potential buyers including French asset manager Amundi.