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November 6, 2008
Malaysia’s CIMB to buy 58% of BankThai stock at 2.10 baht 

 

 


January 24, 2009

BankThai to get a new name in Feb

BankThai Pplc, majority owned by Malaysia's CIMB, said on Friday it was changing its name to CIMB Thai Bank now that its takeover by Malaysia's CIMB had been completed.

The name change is subject to approval by shareholders at a meeting on February 20, the bank said in a statement to the stock exchange.

BankThai, which this week posted a narrower net loss for 2008 of 1.86 billion baht compared with a 6.9 billion baht loss in 2007, said it would issue up to 2.5 billion baht ($72 million) of hybrid securities as part of a plan to shore up capital.

The debt, with a maturity of 10 years, would boost its Tier 2 capital, the ninth-largest Thai bank by assets said.

Tisco Securities is the independent adviser for the deal.

CIMB, controlled by Bumiputra-Commerce Holdings, bought a stake in BankThai from a central bank unit last year and completed its acquisition last week, boosting its stake to 92.04 percent.





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