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Published on November 27, 2007

BankThai said TPG had expressed its intention of subscribing to the new shares to maintain its 24.99-per-cent stake in the bank. In order to ensure that the rights offering is fully subscribed, and that the bank is adequately capitalised, TPG Newbridge and the Financial Institutions Development Fund - the two major shareholders - have also agreed to buy any unsubscribed shares.

 "Despite the sluggish economic conditions, and recent uncertainty surrounding the bank's investments, TPG and its partners have confidence in the future potential of the Thai economy and its banking industry," said Daniel Ashton Carroll, a TPG representative and a director of BankThai. "We are a long-term investor with considerable experience in investing in the financial sector in Asia."

TPG's other investments in financial institutions include Korea First Bank, Shenzen Development Bank in China, Taishin Financial in Taiwan and Shriram Transport Finance in India.

On April 25, 2007, BankThai raised its capital by selling 731.45 million shares worth Bt3.05 billion to TPG Newbridge and two other investors - Blum Capital and Marathon Asset Management.

The Nation