ABN AMRO is to sell its 80.77% stake in Bank of Asia in Thailand. The divestment, says the Dutch bank somewhat mysteriously, reflects “on-going consolidation in the Thai retail banking market brought about by the introduction of the new Thai Financial Markets Masterplan.”
Bank of Asia is a full-service retail and commercial bank, and operates with a network of approximately 130 branches and 300 ATMs located throughout the country, and provides a full range of banking, insurance, investment and other financial products and services to both consumer and commercial customers. At the end of last year, the bank employed over 3,000 people.
ABN AMRO says it remains committed to the Asian-Pacific markets as part of its multi-regional strategy with three strategic business units focused on consumer and commercial clients, wholesale clients and private clients and asset management.
In Thailand, ABN AMRO will maintain a branch presence, and continue to serve its corporate and institutional clients there.