TBank, 49% owned by Canada’s Bank of Nova Scotia, this month purchased a 47.58% stake in SCIB from the Financial Institutions Development Fund for about 32 billion baht. TBank plans to tender for all outstanding shares of SCIB and to consolidate the assets under the Thanachart brand.
TBank’s asset size will double by the year-end. The new entity will become the country's fifth-largest bank with assets of about 800 billion baht, overtaking both Bank of Ayudhya and TMB Bank, two other mid-sized banks with foreign institutions as major shareholders.
BAY, 32.9% held by GE Capital, has grown sharply over the past two years primarily through acquisitions. TMB, 26.4% held by the ING Group, has actually shrunk its loan portfolio while it focuses on cleaning up its balance sheet and overhauling internal processes.
via SCIB buyout to fuel fresh competition.
