Thai bank merger creates third-biggest lender

Three-way tie-up starts ball rolling in banking sector consolidation.

Thailand's banking industry consolidation is officially underway with the three-way merger of DBS Thai Danu Bank, Thai Military Bank and Industrial Finance Corporation of Thailand. The merger will create the Kingdom's fifth-largest banking group by assets.

The merged bank will have total assets of Bt677 billion $17 billion. It will become the country's third-largest lender with a loan book of Bt533 billion and will have a customer base of four million serviced from a network of 462 branches and 963 ATMs. The banks' boards have all approved the merger plan and it now goes to the central bank and ministry of finance to give the plan their stamp of approval.

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