Scotiabank To Reduce Investment In Thailand's Thanachart Bank - Quick Facts

(RTTNews) - Scotiabank (BNS.TO) has agreed to reduce its 49% interest in Thanachart Bank Public Company, Thailand's sixth-largest bank, and to sell its interests in Thanachart Bank in exchange for cash and shares in TMB Bank Public Company Limited. The dealings would result in Scotiabank owning approximately 6% of the merged Bank of TMB Bank Public Company and Thanachart Bank Public Company.

Due to the sale, Scotiabank will record a gain of approximately $300 million after-tax, and increase the common equity Tier 1 ratio by approximately 25 basis points.

Scotiabank will retain a 49% interest in two Thanachart Bank subsidiaries that are to be sold in 2020.