TORONTO, Feb. 26, 2019 /CNW/ - Scotiabank has entered into a non-binding memorandum of understanding (MOU) with ING Groep N.V., Thanachart Capital Public Company Limited, Thanachart Bank Public Company Limited (TBank) and TMB Bank Public Company Limited (TMB) regarding its interest in TBank, and the merger of TBank and TMB. All transactions contemplated by the MOU remain subject to due diligence, further negotiation and agreement by the parties as to definitive documentation (including terms), as well as regulatory approval.
The contemplated transactions are complex, and Scotiabank will provide additional information at the appropriate time in connection with the entry into of any definitive documentation. It is currently expected that the merger and related transactions would result, if concluded, in Scotiabank significantly reducing its investment in Thailand and holding a significantly smaller stake in the combined bank and receiving proceeds which is expected to result in a gain on sale. The transactions are also expected to have a positive impact on Scotiabank's CET1 capital of approximately 25 basis points.
No assurance can be given that the parties will reach a definitive agreement or that the transactions will be concluded.
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