On February 14, 2019, Mr. Prasong Poontaneat, Permanent Secretary of the Ministry of Finance and Chairman of TMB Bank Public Company Limited (TMB), revealed that the board meeting on February 13, 2019, regarding the merger with Thanachart Bank has not reached a conclusion. There will be further discussions today (February 14) to find a resolution.

          The goal is to expedite discussions to finalize everything by the end of this month, including proposals to be submitted to Mr. Apisak Tantivorawong, the Minister of Finance, and the Cabinet for approval, as well as signing agreements with Thanachart Bank.


          "The merger conclusion is still uncertain regarding when it will be completed, but we are trying to finalize everything within this month." Mr. Prasong stated.

          However, previously, sources from the Ministry of Finance indicated that the merger of the two banks is still pending due to the requirement that the merger must benefit the Ministry of Finance and not harm its position as a shareholder. Any decision made must be clearly communicated to the public to demonstrate that the Ministry of Finance will indeed benefit from this action without incurring losses.

          "The purchase of additional shares to maintain the Ministry's stake in TMB Bank is still difficult to explain. Even though it is said that this will be beneficial in the future, currently, the benefits are not clearly visible, making it hard for the public to understand. The Minister of Finance has also been very cautious about this matter because it needs to be presented to the Cabinet, which requires detailed information, as the merger is a very sensitive and precarious issue, especially before the elections," the source said.

 

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