Scotiabank Increases Investment in Thailand's Thanachart Bank

อังคาร 3 กุมภาพันธ์ 2552 เวลา 20:35 น.

TORONTO and BANGKOK--3 Feb--CNW-AsiaNet/Infoquest

Scotiabank today announced that it has completed the acquisition of an

additional 24 per cent of Thanachart Bank, Thailand's eighth-largest bank and

leading automobile lender, for THB7,700 million approximately C$268 million.

Scotiabank will purchase 416 million shares from Thanachart Capital raising

Scotiabank's holding in Thanachart Bank to 49 per cent, the regulatory limit

for foreign banks in Thailand.

"The Thai market has solid fundamentals with good long-term growth

prospects," said Rob Pitfield, Group Head, International Banking, Scotiabank.

"Scotiabank's increased investment in Thanachart Bank is a great opportunity

for us to capitalize on the strength of the Thai market and on the strong

relationship that we have already built with Thanachart Bank."

As a result of today's investment Thanachart Bank's major shareholders

now include Scotiabank and Thanachart Capital Public Company Limited (holding

50.9 percent) with retail investors holding 0.1 percent. The higher stake in

Thanachart Bank will also increase the number of Scotiabank representatives on

Thanachart Bank's Board of Directors from two to three.

"Through this investment, Scotiabank has re-affirmed its commitment to

supporting Thanachart Bank's growth and development initiatives," said

Suphadej Poonpipat, Chairman of the Executive Committee and Chief Executive

Officer of Thanachart Bank. "The partnership between Thanachart Bank and

Scotiabank leverages the strengths of both of our institutions and is

strengthened by our shared commitment to the exciting potential of Thailand,"

said Suphadej.

"Thanachart Bank is a solid financial institution, with a very strong

core business in the automobile sector and a solid management team," added

Michele Kwok, Senior Vice President, Asia/Pacific & Middle East. "We are

confident that this additional investment will enable Scotiabank to continue

to add strategic value that will generate strong financial returns."

About Thanachart Bank

Thanachart Bank is Thailand's eighth-largest bank in terms of assets and

the country's leading automobile lender. As of December, 31 2008 the

consolidated net income of Thanachart Bank and its subsidiaries was 1,870

million baht (C$67 million), an increase of 543 million baht or 40.9 percent

from the previous year.

Going forward, Thanachart Bank will look to maintain its leadership

position in the robust Thai automobile financing sector, while at the same

time seeking to develop greater diversification in its lending portfolio by

increasing its focus on corporate finance. Other growth opportunities that

will see increased focus from the bank include SME loans, housing loans,

consumer loans (including credit cards) and trade finance.

In order to meet the growing banking needs of the Thai market, Thanachart

Bank plans to open 40 new branches by the end of 2009 increasing its total

branch network to 255.

About Scotiabank

Scotiabank operates in 11 countries in the Asia-Pacific region, with

about 5,133 employees, 280 automated banking machines and 193 branches and

offices. The bank primarily offers corporate and commercial products and

services, including loans, trade finance, treasury, precious metals, foreign

exchange and project and transportation financing, correspondent banking, loan

syndications, securities investment and retail mortgage financing in selected

countries. Scotiabank has been in Thailand since the Bank opened a

Representative Office in Bangkok in 1981.

Scotiabank is one of North America's premier financial institutions and

Canada's most international bank. With 69,000 employees, Scotiabank Group and

its affiliates serve approximately 12.5 million customers in some 50 countries

around the world. Scotiabank offers a diverse range of products and services

including personal, commercial, corporate and investment banking. With $508

billion in assets (as at October 31, 2008), Scotiabank trades on the Toronto

(BNS) and New York Exchanges (BNS). For more information please visit

www.scotiabank.com.

SOURCE: Scotiabank

CONTACT: Napaporn Saengkaew,

Thanachart Bank at 02-217-8000

or napaporn(at)thanachart.co.th;

Krista Pawley,

Scotiabank at (416) 866-3703

or Krista_Pawley(at)scotiacapital.com

--Distributed by AsiaNet ( www.asianetnews.net )--

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