Scotiabank mulls divesting its 49% stake in Thai-listed Thanachart Bank

Logo of Thanachart Bank

Thailand-listed Thanachart Capital Pcl (TCAP) has said that Canada-based Scotiabank is considering selling its entire stake in Thanachart Bank due to a shift in its strategy for the Asia Pacific region, according to its filing to the stock exchange.

Currently, Scotiabank holds 49 per cent in Thanachart Bank and Thanachart Capital holds the remaining 51 per cent.

The company’s statement cited that Scotiabank would offer its stake to large, financially strong and reputed international financial institutions acceptable to Thanachart Capital with the approval from the Bank of Thailand.

“The new shareholder partner should also have the capacity to co-manage with Thanachart Capital in positioning Thanachart Bank into a first-tier financial institution,” Somjate Moosirilert, executive vice president of Thanachart Capital Pcl, said.

TCAP share price has gone up 4.51 per cent to 34.75 baht per share after the stock market opened today. The trading value is 161.42 million baht at 10.33 am local time.

The analysis report by Kasikorn Securities suggests to ‘buy’ TCAP shares, giving the base price of 40 baht apiece. It cites that the possibility of the new partner should be one of the top international banks.

“Thanachart Bank has benefited in terms of management system from Scotiabank. The negative effect is quite limited. If the new partner has a better network, it will give the long-term benefit to TCAP and Thanachart Bank,” the report says.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.