"Thailand's Finance Ministry signalled on Thursday it would clear the way within days for a foreign buyer to take control of ACL Bank, giving fresh momentum to a $530 million bid by China's ICBC.
"I think everybody sees the merits of the deal," Finance Minister Korn Chatikavanij told Reuters in an interview.
Industrial and Commercial Bank of China (ICBC), the world's largest bank by market value, said last September it wanted to bid for the bank, after agreeing to buy a 19.26 percent stake from Bangkok Bank for 3.52 billion baht ($106 million).
The Finance Ministry is the largest shareholder in ACL, Thailand's smallest lender, with 30.6 percent. Its stake, combined with Bangkok Bank's 19.26 percent, would give ICBC 49.86 percent of ACL.Foreign holdings of more than 49 percent in a bank need official approval."
http://www.iii.co.uk/news/?type=afxnews&am...;action=article
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China to buy big stake in Thailand's ACL Bank
Started by TheYenta, Feb 20 2010 10:59 AM
2 replies to this topic
#2
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Posted 20 February 2010 - 09:57 PM
I heard a rumor that Citibank may be opening in Pattaya soon. The Thai government is finally loosening up on restricting some of the activities of foreign banks and Citibank has received approval to open two new offices in Thailand, in addition to their existing office in Bangkok.
#3
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Posted 21 February 2010 - 05:07 PM
QUOTE
I heard a rumor that Citibank may be opening in Pattaya soon.
I have Citibank accounts at home and wouldn't mind having a linked account here.I wonder if having money in Citibank qualifies for the 800,000 baht you need to get a retirement visa. The rules say you have to have money in a Thai bank. If Citibank in Thailand is set up as a Thai subsidiary of the parent company, it might qualify for the 800,000 deposit.
