Scotiabank doubles stake in Thanachart Bank

Scotiabank, one of Canada's largest banks, has paid Bt7.6 billion $217 million to increase its stake in Thailand's Thanachart Bank to 49%. The acquired 24%, which consists of 416 million shares, takes the Canadian bank to the regulatory limit for foreign ownership of Thai banks.

The Thai market has solid fundamentals with good long-term growth prospects, says Rob Pitfield, group head, international banking at Scotiabank. Scotiabank's increased investment in Thanachart Bank is a great opportunity for us to capitalise on the strength of the Thai market and on the strong relationship that we have already built with Thanachart Bank.

The majority shareholder remains Thanachart Capital Public Company, which holds 50.9%. The remaining 0.1% belongs...