Thai lenders approve of TMB - TBank $4.6bn merger.

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%.