UPDATE 2-Scotiabank weighing $1.7 bln sale of Thanachart stake

Fri Dec 18, 2015 12:02pm EST
 
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* Thanachart says will cooperate with Scotiabank if stake is sold

* Scotiabank's emerging market presence has hurt its stock

* Thanachart says Scotiabank's Asia strategy has changed (Adds confirmation from company, changes sourcing in lead)

By John Tilak and Khettiya Jittapong

TORONTO/BANGKOK, Dec 18 (Reuters) - Canada's Bank of Nova Scotia said on Friday it may consider strategic options for its 49 percent stake in Thanachart Bank Pcl, Thailand's No. 2 car loan provider.

Majority owner Thanachart Capital Pcl said on Friday it would cooperate with the Canadian lender if it decided to sell its stake in Thailand's sixth-largest bank, which had a carrying value of $1.7 billion on Bank of Nova Scotia's books.

Scotiabank, as it is known, was weighing the sale of the stake as it found managing an Asian retail presence cumbersome, said a source familiar with the matter who declined to be identified as the information was not public.

The bank said it has not made a final decision about the investment.

Scotiabank shares fell 1.6 percent to C$56.22.   Continued...