Thai Military Bank in merger talks
(27 January 2004 – Singapore) Singapore’s DBS Thai Danu Bank is in talks with one time ANZ take-over target Thai Military Bank over a potential merger.
DBS Thai Danu Bank, 52 percent of which is owned by DBS Group, said discussions had progressed well but it was too early for the parties to make an announcement.
Thai Military Bank has been on the lookout for an investor since ANZ pulled out of takeover talks and even changed its working title to TMB Bank to make it appear more marketable.
ANZ decided not to pursue talks with the Thai bank, saying it was unable to create an asset mix that would be acceptable to TMB and consistent with ANZ’s strategy and low risk approach.
Thai officials have flagged a possible three way merger with Thai bank Industrial Finance Corp (IFCT). However, DBS Thai Danu chief executive Pornsanong Tuchinda said the bank had yet to begin discussions with IFCT.
Thai Military Bank has been on the lookout for an investor since ANZ pulled out of takeover talks and even changed its working title to TMB Bank to make it appear more marketable.
ANZ decided not to pursue talks with the Thai bank, saying it was unable to create an asset mix that would be acceptable to TMB and consistent with ANZ’s strategy and low risk approach.
Thai officials have flagged a possible three way merger with Thai bank Industrial Finance Corp (IFCT). However, DBS Thai Danu chief executive Pornsanong Tuchinda said the bank had yet to begin discussions with IFCT.
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