Freshfields advises on Thailand’s largest-ever banking merger
Freshfields Bruckhaus Deringer (‘Freshfields’) is advising Scotiabank on the disposal of its entire 49 per cent stake in Thanachart Bank Public Company Limited (‘TBank’) to TMB Bank Public Company Limited (‘TMB’) as part of the merger between TMB and TBank. The merger is expected to be Thailand’s largest-ever banking merger.
As part of the merger, Scotiabank will subscribe to approximately 5.6 per cent of the merged bank.
The merged bank will be the sixth-largest bank in Thailand, with assets worth over 2 trillion Thai baht (over US$64.8bn).
Completion of the sale and subscription is subject to closing conditions, including regulatory approvals, shareholders’ approvals and successful completion of related rights issue, private placement and other financing.
The Freshfields team advising on the deal is led by partner and co-head of global M&A Robert Ashworth.
Notes for editors
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