Scotiabank looks to sell off stake in Thai bank
(24 February 2016 – Thailand) Canada's Bank of Nova Scotia (Scotiabank) has approached several lender to determine interest in its US$1.7 billion (A$2.36 billion) stake of Thailand’s Thanachart Bank.
According to the sources, talks have been held with a unit of Bank of China, Maybank and two Japanese banks.
Scotiabank has hired Morgan Stanley to advise it on the sale of the 49 percent stake, the sources said, with first-round bids expected in the second quarter.
The Canadian lender had flagged it was reviewing its Thanachart stake in December as it plans to withdraw its retail presence across Asia and focus on corporate banking in the region.
Thanachart Capital Plc owns the remaining 51% stake in Thanachart.
BoC Hong Kong is showing interest in the stake, having previously said that it is keen to expand outside Mainland China.
According to the reports, Morgan Stanley has also approached Taiwan's Fubon Financial Holdings, Japan's Mizuho Financial Group and Sumitomo Mitsui Banking Corp.
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