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.
