Bank Of Nova Scotia Agrees To Buy A Stake In Siam City Bank (BNS)
By Benzinga Staff
March 11, 2010 3:10 PM
March 11, 2010 3:10 PM
Bank of Nova Scotia (NYSE: BNS) has agreed to buy a 47.6 percent stake in Siam City Bank. The deal is expected to be worth $1 billion.
Bank of Nova Scotia will buy the stake through Thanachart Bank. Nova Scotia has a 49 percent stake in Thanachart Bank. The deal will help the Canadian Bank in expanding its reach in Thailand’s retail banking sector.
Bank of Nova Scotia is likely to merge Thanachart Bank, and Siam City Bank. The merger, if it happens, will create Thailand’s fifth biggest bank in the terms of assets, and branches, with 18,000 employees.
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