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October 1, 2009

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Home » Business » Finance

ICBC buys 19% of Thai lender

THE Industrial and Commercial Bank of China, the world's largest lender by market value, has reached an agreement with the Bangkok Bank of Thailand to buy a 19.26 percent stake in Thailand's ACL Bank.

Under the agreement, the ICBC would acquire the stake held by the Bangkok Bank at 11.5 Thai baht (US$0.343) per share.

The ICBC said it would also make a tender offer to all other ACL Bank shareholders.

Other shareholders included the Thai Finance Ministry, to which ICBC is due to make a tender offer by November. The ministry holds a 30.6 percent stake in ACL Bank.

ICBC Chairman Jiang Jianqing said the deal would expand the bank's businesses in the Mekong River regions and southeast Asia.

He also said the ICBC would make efforts to promote economic and trade cooperations between China and Thailand.

The Bangkok Bank is the biggest commercial bank in Thailand with total assets exceeding US$50 billion.

It holds a 19.26 percent stake in ACL Bank, whose total assets stood at US$1.87 billion at the end of June.

ICBC's total assets stood at 11.4 trillion yuan at the end of June.


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