Taiwan’s CTBC Financial Holding has agreed to acquire a 35.6% stake in Thailand’s LH Financial Group for THB16.6bn ($471m).

As part of the deal, CTBC will buy 7.55 billion newly issued shares from LH Financial at THB2.2 baht per share.

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The deal will make CTBC the largest shareholder in the Thai company.

Proceeds of the transaction will be used to expand the digital banking, wealth management and trade finance operations of LH Bank, CTBC said.

The deal, expected to be close in the third quarter, is subject to regulatory approval in the two countries.

 

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