ING signs non-binding MoU on potential merger of TMB and Thanachart Bank
ING has signed a memorandum of understanding (MoU) with TMB, Thanachart Bank (TBANK) and TBANK’s major shareholders Thanachart Capital and The Bank of Nova Scotia to discuss a proposed merger of TMB and TBANK.
ING is currently the largest shareholder in TMB Bank with a 30 percent stake.
The non-binding MoU, signed in Bangkok today, serves as the basis for further negotiation among the five parties on a potential merger of the two Thai banks.
Mark Newman, ING’s head of Retail Challengers & Growth Markets Asia, said: “ING supports this merger and we expect to hold in excess of 20 percent of the combined bank after the transaction and remain a committed shareholder.”
“We believe that combining the banks will enable the creation of a well-governed financial institution of greater significance to the Thai banking industry overall and, in particular, to customers in Thailand.”