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Taiwan's CTBC buys into Thai bank to bolster Asia presence

Thailand’s Land and Houses Bank is linking up with Taiwan’s CTBC Bank after searching for a suitable expansion partner.

BANGKOK -- Taiwan's CTBC Bank has agreed to acquire 35.6% of LH Financial Group, the parent of Thailand's smallest commercial lender, Land and Houses Bank, for 16.6 billion baht ($465 million).

     LH Financial Group, which controls 99.99% of LH bank, will offer 7.5 billion new ordinary shares through a private placement to CTBC Bank at 2.2 baht per share. The transaction is due for completion by the end of the third quarter.

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