Approval of ICBC's $530mln bid for ACL likely

China lender targets owning 51% of ACL shares as it strives to gain foothold in Thailand.

Thailand's Finance Ministry, the largest shareholder of ACL Bank, is likely to approve within days a $530 million bid by Industrial and Commercial Bank of China for the Thai lender, the Standard reported.

The deal is the first acquisition in Thailand by ICBC. The world's largest bank by market value announced its bid for ACL last September, and it agreed to purchase a 19.26% stake from Bangkok Bank for $106 million. The Chinese lender had said it planned to bid for ACL's remaining shares.

Thailand's Finance Ministry has a 30.6% stake in ACL. Its stake, combined with Bangkok Bank's 19.26% stake, would give ICBC 49.86% of ACL.

View the full story in China Knowledge.