Scotiabank doubles stake in Thanachart Bank

The Canadian bank pays $217 million to increase its share in its Thai partner.

Scotiabank, one of Canada's largest banks, has paid Bt7.6 billion $217 million to increase its stake in Thailand's Thanachart Bank to 49%. The acquired 24%, which consists of 416 million shares, takes the Canadian bank to the regulatory limit for foreign ownership of Thai banks.

The Thai market has solid fundamentals with good long-term growth prospects, says Rob Pitfield, group head, international banking at Scotiabank. Scotiabank's increased investment in Thanachart Bank is a great opportunity for us to capitalise on...

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