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Taiwanese CTBC Bank to acquire 35.6 percent of Thailand's LHBank

( March 30, 2016, 07:20 GMT | Insight) -- Thailand’s LH Financial Group yesterday announced that it had signed a memorandum of understanding with Taiwan’s CTBC Bank to offer new shares worth 16.59 billion baht ($468.2 million), amounting to a 35.6-percent stake in LHBank, The Nation reports. Thailand’s LH Financial Group yesterday announced that it had signed a memorandum of understanding with Taiwan’s CTBC Bank to offer new shares worth 16.59 billion baht ($468.2 million), amounting to a 35.6-percent stake in LHBank, The Nation reports. CTBC is Taiwan’s largest private bank, with more than $109 billion of assets, operating more than 106 outlets in 14 countries. The parties aim to complete the deal by the end of Q3 after obtaining approvals from Thailand's Securities and Exchange Commission, the Bank of Thailand, LHBank’s shareholders and the Financial Supervisory Commission in Taiwan. Two of LHBank’s major shareholders, Land and Houses and Quality Houses, have also signed separate MoUs with CTBC to trim their own stakes to 21.9 percent and 13.7 percent, respectively.  ...

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