ING has announced that it has reached a conditional agreement to acquire a 30% stake in TMB Bank in Thailand for approximately E460 million.
The strategic investment is part of TMB’s capital raising plan to strengthen its capital adequacy. According to the plan, TMB will allocate 25,000 million shares at a price of THB1.60 per share to ING and THB1.40 per share to existing investors. ING will acquire a stake of 25.1% in TMB voting shares and a further 4.9% either in voting shares or in non-voting shares.
ING is working closely with TMB and the Thai Ministry of Finance on a post-agreement plan that best leverages the strength of both entities. The transaction is subject to TMB’s shareholders approval of the waiver of ING’s obligation to make a general offer.
Eli Leenaars, executive board member and responsible for ING’s global retail banking activities, said: This transaction provides ING with a unique opportunity to enter a major growth market in Asia. The partnership leverages our expertise in retail banking and TMB’s superior distribution platform thereby greatly enhancing the quality of service and breadth of financial products offered to TMB’s customers.