BANGKOK -(Dow Jones)- Canada's Bank of Nova Scotia (NYSE:BNS) (BNS) plans to boost its stake in Thanachart Bank (TBANK.TH), a small-sized Thai bank, to 49% from 24.98% at present, the chief executive of the Thai bank said Thursday.
The plan will be proposed to the Bank of Thailand in June and the process is expected to be completed by the third quarter, Suphadej Poonpipat told reporters.
The bank plans to delist its securities from the Stock Exchange of Thailand because of their limited liquidity. Nova Scotia and Thanachart Bank's other major shareholder, Thanachart Capital PCL (Thailand:TCAP) (TCAP.TH), are both long-term investors, Suphadej said.
In July last year, Nova Scotia, or Scotiabank (NYSE:BNS) , Canada's third largest bank by assets, acquired a 24.98% stake in Thanachart Bank for THB4.52 billion from the bank's parent Thanachart Capital.
After the share sale, Thanachart Capital's shareholding in the bank fell to 74.48%.
-By Phisanu Phromchanya, Dow Jones Newswires; 662-266-0744; phisanu.phromchanya@dowjones.com
(END) Dow Jones Newswires 01-24-08 0614 Copyright (c) 2008 Dow Jones & Company, Inc.
