Business

Maybank CEO says not looking at ING’s stake in Thai TMB

March 29, 2012

KUALA LUMPUR, March 29 — Top lender Malayan Banking Bhd (Maybank) is "not specifically" looking at acquiring ING Groep NV‘s US$775 million (RM2,325 million) stake in Thailand’s TMB Bank Pcl, Maybank’s chief executive said on today.

Maybank CEO Abdul Wahid Omar also said the lender was still open to various opportunities in Thailand, which has been "a missing piece" in its Southeast Asian strategy.

Reuters cited sources as saying that ING was putting its 31 per cent stake in Thailand’s seventh-largest lender for sale as the Dutch financial services group pushed ahead with Asian divestment.

Besides state-owned Korea Development Bank, Maybank was identified as one of the potential suitors for the block. — Reuters

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