Thanachart Capital says to work with Scotiabank on stake sale options

Thu Dec 17, 2015 10:23pm EST
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BANGKOK Dec 18 (Reuters) - Thailand's Thanachart Capital Pcl said on Friday it will work with Scotiabank to find a new partner if the Canadian bank decided to sell its 49 percent stake in the Southeast Asian nation's sixth-largest lender Thanachart Bank.

Scotiabank has changed its business strategy in the Asia-Pacific region, Thanachart capital said in a statement to the Stock Exchange of Thailand.

Any new shareholder must have the capacity to position the Thai bank as a first-tier financial institution, said Thanachart Capital, which owns a 51 percent stake in the bank. (Reporting by Khettiya Jittapong; Editing by Simon Webb)