MANILA: Bangkok Bank pcl hopes to seal the sale of its 19.3% stake in ACL Bank this year to either China's ICBC or Malaysia's CIMB, who both offered similar bids and covet a much larger share of the Thai lender.
Bangkok Bank chairman Piti Sithi-Amnuai said Industrial and Commercial Bank of China and CIMB Bank Bhd were waiting for Thai regulatory approval to buy up to 49% of ACL, Thailand's smallest bank.
Their sights are set on the Thai Finance Ministry's 30.6% stake in ACL. No other shareholder owns more than 5%.
“It is their requirement to hold more,” Sithi-Amnuai told Reuters on the sidelines of a conference in the Philippines. “We are willing to sell our 19% but they want to buy more.”
He said the offers from the two banks for Bangkok Bank's holding in ACL were “not very far apart” and said he was waiting to see how aggressive the bidders would be. – Reuters
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