(10 March 2006 – Thailand) Singapore’s DBS bank has postponed plans to extend its stake in Thai Military Bank because of the current wave of protests against Thailand’s Prime Minister Thaksin Shinawatra.The move continues the roller coaster ride for TMB which has been seeking further foreign investment for several years. The bank merged with DBS Thai Danu Bank and state controlled Industrial Finance Corp in 2004.
DBS has a stake of 16 percent in the Thai lender and was looking to boost its equity before the current disturbances began in Thailand.
Thailand’s political opposition has boycotted upcoming elections called by Thaksin.
ANZ was in talks with TMB in 2003 before turning down a stake, saying it was “not consistent” with ANZ’s strategy and “low risk approach”.