TMBThanachart Bank, or TTB, has confirmed that ING Bank's reduction of its shareholding from 19.5% to 11.6% through a private placement worth approximately 475 million euros will not affect the bank's operations or core strategy. Chief Executive Officer Piti Tantakasem said the transaction is a direct portfolio management move by the shareholder, which TTB could not have known about in advance or been involved in deciding, and that the off-market sale helps reduce selling pressure in the secondary market while increasing free float and liquidity over the long term. TTB is continuing its share buyback programme under a total budget of 35 billion baht over four years, with 21 billion baht already repurchased and 14 billion baht remaining, and will consider the format of the next buyback to suit capital market conditions for the greatest benefit to shareholders.
TMBThanachart Bank Public Company LimitedING's stake sale is a shareholder portfolio move, not affecting TTB's operations; buyback continues.
ING Groep NVING reduces stake in TTB via private placement, raising capital but reducing its holding.
