Thanachart Bank today completed the Bt32.67 billion payment for the 47.58 per cent stake in Siam City Bank.
Following the complete transaction, the bank is ready to merge SCIB to become the country's fifth largest bank.
Suphadej Poonpipat, executive chairman and chief executive officer of Thanachart, said that after the purchase of the 1 billion shares from the Financial Institutions Development Fund at Bt32.50 apiece, the bank will launch the tender offer for the remaining shares of SCIB during April 29-June 7.
"The transaction now boosts Thanachart Group's combined stake in SCIB to 66.89 per cent. Directors will be nominated to SCIB's board in accordance with the shareholding ratio, to ensure streamlined operations ahead of the merger," he said.
