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The merger of the TMB and Thanachart banks will begin next month, said Prasong Poontaneat, president and permanent secretary of finance of TMB this weekend.
He added that the newly created entity would be the fifth largest local bank in terms of badets, that it would strengthen its shared capacity in foreign markets and strengthen its competitiveness in a difficult sector.
The process of launching the merger will take about four months and the merger itself is expected to be completed this year, Prasong said.
The merger will lead to the recapitalization of the bank and the Ministry of Finance plans to increase its holdings in shares, he said.
The ministry is currently the largest shareholder of TMB at 25.92%.
TMB was affected by the 1997 financial crisis and the government intervened as part of its efforts to save the banking sector.
Prasong was optimistic that the merger would lead to a rise in the price of TMB stock, which has long stagnated at a value close to its nominal value of Bt0.95 the share.
Shares traded at Bt2.26 on Friday. The stock price has recently risen as a result of the merger reports.
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