BANGKOK, Feb 25 (TNA) – The Finance Ministry urges the boards of TMB Bank and Thanachart Bank to quickly sign a memorandum of understanding on their merger within next month to make them the 5th biggest bank.
Prasong Poontaneat, permanent secretary of the Finance Ministry in his capacity as the chairman of TMB Bank, said the board of the bank was considering the details of the planned merger and was likely to sign the MoU within March. The issue would be then proposed to the cabinet for approval.
The board was considering the amount of additional investment to maintain the Finance Ministry’s shareholding, assets to be merged, the value of shares, the number of staff and their salaries. The merger process would take about four months and surely be completed within this year to enjoy a tax privilege for business mergers, Mr Prasong said.
After the merger, the bank will be the 5th biggest bank, up from the 6th, when it comes to its assets. It will operate small-scaled finance and leasing business that TMB Bank did not have.
All banks had to change and be big enough for survival and business expansion to other countries, Mr Prasong said. The share price of TMB Bank has risen for several times on the planned merger. (TNA)
