The Industrial and Commercial Bank of China (ICBC) (601398.SH), the world’s largest by market value, announced late Tuesday it had reached an agreement with Bangkok Bank of Thailand to buy a 19.26% stake in Thailand’s ACL Bank. Under the agreement, the ICBC would acquire the stake held by Bangkok Bank at Bt11.5 (US$0.343) per share. The ICBC said it would also make a tender offer to all other ACL Bank shareholders, making its bid for the bank worth a total of about Bt18.29b (US$544.5m). (Xinhua News Agency)
ICBC buys 19.3% stake in ACL Bank at Bt11.5 per share
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The Thaivest Editorial Team is a dedicated group of writers and editors with a passion for Thailand's vibrant economy, culture, and lifestyle. With diverse backgrounds in finance, economics, and journalism, we provide valuable insights into living well in Thailand, making money online, and practical tools for navigating its dynamic market. Our mission is to keep our readers informed about the latest developments, opportunities, and challenges in Thailand's economic and cultural landscape. Stay connected with Thaivest for reliable, well-rounded coverage of all things Thai.
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