ING has trimmed its holding in TMBThanachart Bank through a share buyback, lowering its stake in the Thai bank from 23.1% to 19.5%.
The move was made through TMBThanachart Bank’s latest share buyback programme and will bring ING about €243 million in gross proceeds, based on current exchange rates.
ING framed the sale as part of its efforts to manage capital and review its investment portfolio.
The Dutch bank will remain a significant shareholder in TMBThanachart Bank and continues to maintain a longstanding partnership with the lender.
The transaction is not expected to have a material impact on ING’s profit and loss account, shareholders’ equity or capital ratios.
ING became a shareholder through its earlier involvement in TMB Bank, which later merged with Thanachart Bank to form TMBThanachart Bank.
Featured image: Edited by Fintech News Singapore, based on image by ttb
