ICBC buys 19.26% stake in ACL

Pursuant to the agreement, the Chinese bank which is the world's biggest lender by market value, will buy Bangkok Bank's ACL Bank shares at 11.5 Thai baht ($0.34) apiece, as reported in China Knowledge. Bangkok Bank is Thailand’s largest lender.

The acquisition is in line with ICBC’s scheme to expand its operations globally.

ICBC will also make a tender offer to all other shareholders of ACL Bank, said the bank in a statement, adding that it may spend up to 18.29 billion Thai baht ($548.72 million) purchasing shares of the Thai bank.

Thai Finance Minister Korn Chatikavani said Tuesday that the finance ministry is preparing to sell its 30.6% stake in ACL Bank to ICBC. ACL Bank, which was set up in 1969 and listed on the Stock Exchange of Thailand, had total assets of RMB 12.95 billion ($1.9 billion) at the end of June. The bank realized RMB 41 million ($6 million) in net income in the first half of this year.