Announced
Financials
Tags
Thailand
Banks
banks
credit bank
Merger
Public
Pending
Friendly
banking products
Single Bidder
Private Equity
Synopsis
Thailand’s TMB Bank, Thanachart Capital (TCAP) and Scotia Netherlands Holding (BNS) have approved the $4.6-billion merger of TMB Bank and Thanachart Bank (TBank). In a stock exchange filing submitted on Friday, TMB said it has agreed to purchase more than 6bn shares of TBANK, equivalent to a 99.96% interest from TCAP and BNS. In addition, it will also offer to purchase the remaining 2.4m shares (or 0.04%) from all other minority shareholders of TBANK. Upon closing the transaction, TCAP will itself hold up to 23.3%, and acting on account of TBANK minority shareholders to hold 0.04%, of the new entity after TMB Bank issues new shares to facilitate the merger, while BNS will hold up to 6.4%.
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