Thai Military Bank signs merger deal

Thai Military Bank signs merger deal

BANGKOK: Thai Military Bank, the Industrial Finance Corporation of Thailand (IFCT) and DBS Thai Danu Bank, a unit of Singapore's DBS Group, on Monday signed a merger deal to create Thailand's fifth-largest bank.

DBS said the merged bank will have total assets of 677 billion baht (US$17 billion), a customer base of four million and 462 branches and 963 automatic teller machines nationwide.

"Strategically, this is a compelling transaction for all parties including DBS," DBS vice-chairman and CEO Jackson Tai said in a statement.

"The new bank that emerges will have a more diversified business mix, greater access to customers and capital, and a broader and deeper product offering."

Thailand's cabinet approved the merger with state-owned IFCT in January, saying the move would benefit financial institutions in Thailand. It now requires approved from the central bank and the finance ministry. -- AFP