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Freshfields advises on Thailand’s largest-ever banking merger
Freshfields Bruckhaus Deringer (‘Freshfields’) is advising Scotiabank on the disposal of its entire 49 per cent stake in Thanachart Bank Public Company Limited (‘TBank’) to TMB Bank Public Company Limited (‘TMB’) as part of the merger between TMB and TBank. The merger is expected to be Thailand’s largest-ever banking merger.
As part of the merger, Scotiabank will subscribe to approximately 5.6 per cent of the merged bank.
The merged bank will be the sixth-largest bank in Thailand, with assets worth over 2 trillion Thai baht (over US$64.8bn).
Completion of the sale and subscription is subject to closing conditions, including regulatory approvals, shareholders’ approvals and successful completion of related rights issue, private placement and other financing.
The Freshfields team advising on the deal is led by partner and co-head of global M&A Robert Ashworth.
ENDS
Notes for editors
About Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.
