In a move, which will surprise almost no one, Merrill Lynch and Merrill Lynch Phatra have been officially awarded the mandate to privatize Krung Thai Bank KTB. Right from the outset, the US investment bank has been regarded as a shoe-in for the deal since Viroj Nualkhkair the honoury chairman of its Thai operations is also President of the government-owned bank.
The divestment will see government ownership drop to 49% and is scheduled to take place in November, with completion in either one or two stages depending on market conditions. The government currently owns 91.77% of KTB through an 87.23% stake held by the Financial Institutions Development Fund FIDF, 3.75% stake held by...
