BankThai changes name to CIMB THAI
BankThai Plc (BT) has officially changed its name to “CIMB THAI Bank Plc” after Malaysia’s CIMB Group fully took control of the Thai bank in early January.
CIMB, Malaysia’s second largest financial services provider which is owned by Bumiputra-Commerce Holdings Bhd, became the single largest shareholder in BankThai with 93.15 percent of the stake after purchasing of a 42.13 percent stake in the Thai bank from the Financial Institutions Development Fund (FIDF) for 5.9 billion baht on November 5 last year and the additional shares from a tender offer closed on January 6.
In its letter to the Stock Exchange of Thailand (SET) yesterday, Thaphop Kleesuwan, senior vice president of the bank, said Thailand’s Ministry of Finance had given approval for BankThai Plc to change its name since April 20 and the bank then registered the name change with the Department of Business Development at the Ministry of Commerce on May 1.
The letter also stated that the bank will change the abbreviation from BT to “CIMBT” as the symbol for its securities trading in the Thai bourse.
As a response to the bank’s notification, the SET later yesterday announced that the change of the symbol for securities trading will be effective from May 11 onward.
Earlier on April 21, the former BankThai, whose total assets as of March 31 were 179.34 billion baht, reported a net loss of 268 million baht, a decrease of 1,918 million baht from the same period last year.
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