TMB marshals new investors

Backed by Morgan Stanley as financial advisor, Thai Military Bank (TMB) is expected to access the public equity markets during the third quarter with a 2 billion to 3 billion rights issue raising up to Bt10.8 billion ($253 million). Thai experts believe it will be the first but not the last of the major banks to try and access the equity markets this year as the sector seeks to re-finance expensive hybrid capital undertaken at the height of the financial crisis.