Select a page

Banking News

Thai Military Bank in merger talks

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.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.