Central Bank Procedes With Plan To Sell Off Bankthai Shares

[george]

Central bank procedes with plan to sell off BankThai shares

BANGKOK: -- The Bank of Thailand (BoT) has moved ahead in its efforts to sell off shares of BankThai Plc within six months and is confident of seeking a new strategic partner to strengthen the bank.

BoT Governor Tarisa Watanagase said Newbridge Sukhothai Netherlands B.V., which is the second-rank equity holder of BankThai, made a written request for the central bank to slow selling shares held by the Financial Institutions Development Fund (FIDF) for a while.

However, the central bank informed the company that the share-selling process would continue because it had been made in a transparent manner.

She said the move to seek co-investors or strategic partners was made for the benefit of financial institutions and service users.

It is a perfect timing now to find potential partners to strengthen the bank's business.

"FIDF is set up to supervise financial institutions to ensure their stability. It has already increased capital for BankThai. So, it is a proper time now to find a business partner to strengthen the bank," she said.

-- TNA 2008-05-13