ISLAMIC BANK OF THAILAND TO PURCHASE KRUNG THAI BANK

( 26 ต.ค.48 ) A board meeting of the Islamic Bank of Thailand's shareholders has ended in the decision to purchase the Krung Thai Bank Pcl. in order to expand the Islamic Bank's business.

Mr. Zanit Larngnhoay (ศานิต ร่างน้อย), the Chairman of the Islamic Bank of Thailand, stated that a board meeting of the Islamic Bank's shareholders, has ended in the decision to purchase the Krung Thai Bank Pcl., in accordance with religious principles, in order to expand the bank's business. The purchase will be accounted by the Krung Thai Bank according to the bank's current assets, from June 30, 2005, with preliminary assets valued at 764 million baht, a one-time fee of 90 million baht, and other expenses, totaling one billion one hundred fifty nine million baht.

In addition the meeting has seen fit to sell the Krung Thai Bank's remaining stocks, valued at thirty million baht, to the general public, with original stock owners getting first priority. The Krung Thai Bank's stock value increase of seven baht is a guarantee against finalizations of the deal.

Mr. Zanit added that the board has agreed on an additional infusion of capital valued at 2 billion baht.

Source: thaisnews.com ประจำวันพุธที่ 26 ตุลาคม 2548

ISLAMIC BANK OF THAILAND TO PURCHASE KRUNG THAI BANK

( 26 ต.ค.48 ) A board meeting of the Islamic Bank of Thailand's shareholders has ended in the decision to purchase the Krung Thai Bank Pcl. in order to expand the Islamic Bank's business.

Mr. Zanit Larngnhoay (ศานิต ร่างน้อย), the Chairman of the Islamic Bank of Thailand, stated that a board meeting of the Islamic Bank's shareholders, has ended in the decision to purchase the Krung Thai Bank Pcl., in accordance with religious principles, in order to expand the bank's business. The purchase will be accounted by the Krung Thai Bank according to the bank's current assets, from June 30, 2005, with preliminary assets valued at 764 million baht, a one-time fee of 90 million baht, and other expenses, totaling one billion one hundred fifty nine million baht.

In addition the meeting has seen fit to sell the Krung Thai Bank's remaining stocks, valued at thirty million baht, to the general public, with original stock owners getting first priority. The Krung Thai Bank's stock value increase of seven baht is a guarantee against finalizations of the deal.

Mr. Zanit added that the board has agreed on an additional infusion of capital valued at 2 billion baht.

Source: thaisnews.com ประจำวันพุธที่ 26 ตุลาคม 2548

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I could not believe that. Then, in BKK Post came the clarification. They are purchasing one operation of Krung Thai, not the whole bank:

"The state bank, yesterday completed the purchase of Krung Thai Bank's Shariah Bank operations, and has scheduled the capital increase for the end of the year.

.....

Under yesterday's deal with Krung Thai Bank, the Islamic Bank will purchase assets under the Shariah Bank programme of 764 million baht as of June plus a premium of 90 million baht.

The Islamic Bank will also pay another 305 million baht to purchase KTB's computer systems set up for the Shariah Bank programme.

............

The Shariah Bank was established by Krung Thai as a special ''window'' to provide banking services to Muslims. Services are offered in full compliance with Islamic law, which prohibits the payment and receipt of interest."

Yeah, those figures seemed a bit low for the *entire* bank.

Well at least you'll get more BANG! for your buck !

Can Farangs open accounts at the local muslim bank? Do you have to bring your Koran along with your passport and WP?

Nice one Terdsak!

I think you need working knowledge of plastic explosives and how it fits in a fire extinguisher.