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ICBC Submits Tender Offer for All Shares in Thailand’s ACL Bank

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Industrial & Commercial Bank of China Ltd. submitted a tender offer to buy all shares in Thailand’s ACL Bank Pcl for 11.5 baht apiece, according to a statement from the Bangkok-based company to the stock exchange.

The tender offer period will run from March 9 to April 16, the statement said. ICBC received Thai government approval on Feb. 22 to buy a majority stake in ACL.

via ICBC Submits Tender Offer for All Shares in Thailand’s ACL Bank – BusinessWeek.

Banking

Fitch Affirms Thailand’s rating at ‘BBB+’ with a Stable Outlook

Fitch forecasts Thailand’s tourism-dependent economy will recover only modestly, by 1.8% in 2021 after a sharp 6.1% contraction in 2020.

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Don Mueang Bangkok domestic airport
Empty seats tagged with social distancing await passengers in Don Mueang Bangkok domestic airport

Fitch Ratings has affirmed Thailand’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook.

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Economics

China’s new three-child policy highlights risks of aging across emerging Asia

Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.

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Street vendor in Bangkok

Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.

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