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ANZ and IFC less certain of stake in Thai bank

ANZ and IFC less certain of stake in Thai bank

(Thailand) Bank of Thailand Governor Pridiyathorn Devakula’s confident prediction that talks concerning foreign ownership of stakes in the Thai Military Bank would be completed by the end of June have come unstuck. Both the ANZ and International Finance Corp (IFC) had been expected to buy stakes in the state-run bank.

However, IFC country manager Michael Higgins told Thai English-language paper Business Day that the company was 'unable to commit to that timeframe'.

The ANZ, for its part, was even less upbeat about the deal, saying "no firm proposal" had been made to the Thai Military Bank.

"Substantive issues are still to be resolved and the talks, while constructive, may take some time to reach a conclusion either way," the ANZ said in a statement to the ASX.

The bank went on to ask for "clarification regarding media statements made in Thailand in relation to ANZ’s possible participation in a future capitalisation of Thai Military Bank".

The Thai Military Bank is looking to raise some US$480 million to $720 million primarily from the sale of shares to foreign strategic partners.

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