ing-to-buy-30-of-thailands-tmb-bank

ING to buy 30% of ThailandÆs TMB Bank

ING will complete the Ç460 million acquisition by participating in a $1.2 billion share sale plan to re-capitalise the loss-making Thai bank.

By Anette Jönsson

November 08, 2007

ING has agreed to pay Ç460 million $673 million for a 30% strategic stake in ThailandÆs TMB Bank following a competitive bidding process that saw a new group of potential buyers put in a bid only on Monday.

ING will make the acquisition by participating in an earlier announced recapitalisation exercise of TMB that will also involve other existing shareholders of the Thai bank. However, ING has agreed to pay Bt1.60 per share for its stake - a slight premium to TMBÆs Bt1.58 closing price in Bangkok on Wednesday - compared with the Bt1.40 per share that the other shareholders will pay, according to separate statements by both banks yesterday.

This means that the...

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