Thailand’s LH Financial Group is in no hurry to agree a strategic partnership due to weak market conditions after a sharp fall in the Thai stock market, the group’s chairman said on Thursday.
The group has been in talks with three potential Asian partners to buy a stake of up to 50 percent in wholly-owned LH Bank, Thailand’s smallest lender, Anant Asavabhokhin told reporters on the sidelines of a property seminar.
“We are not in a hurry (to make a decision). Market sentiment is not quite good,” he said, without giving details.
LH Bank, which specialises in home loans and has assets of about 187 billion baht ($5.1 billion), has long sought a strategic partner to strengthen its electronic banking business and fend off fierce competition from its bigger rivals.
Anant, also executive chairman of Land and Houses, said the Thai property market had nearly bottomed out and expected the sector to pick up next year.
Shares in LH Financial have fallen 10 percent in the past 12 months, versus a 15 percent drop in the Thai index. ($1 = 36.4100 baht) (
Writing by Khettiya Jittapong; Editing by David Holmes)
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