THAILAND: On Thursday, the Bank of Ayudhya Pcl (BAY) of Thailand stated that it has agreed to pay $155.3 million for Nomrua’s Thai securities subsidiary. Bank of Ayudhya, Thailand’s fifth-largest bank by assets, is 76.7 percent owned by Mitsubishi UFJ Financial Group in Japan. The Thai central bank must approve the deal, according to BAY.
Krungsri Bank, Thailand’s fifth-largest bank by assets, is owned by Mitsubishi UFJ Financial Group 8306.T, a subsidiary of Japan’s Mitsubishi UFJ Financial Group.
In a statement, BAY president Seiichiro Akita said, “This deal is part of our strategic measures to accelerate the expansion and the scale of Krungsri’s securities business.”
Last year, the lender purchased SHB Credit, a consumer finance company based in Vietnam.
Further, the deal, according to an announcement from Nomura, will let the company concentrate on global wholesale and wealth management activities.
According to Nomura Asia Pacific Holdings Representative Director Kenji Teshima: “This also enables Nomura to focus on our core activities in Asia ex-Japanese countries, including Thailand.”
BAY expects the deal to close in the fourth quarter of this year, pending permission from Thailand’s central bank.