ING Groep NV agreed to buy 30 per cent of TMB Bank Public Co. Ltd. for about €460-million ($622-million), its largest purchase in southeast Asia. TMB will ask Thai regulators to waive ING's obligation to make an offer for the whole company, Amsterdam-based ING said yesterday. TMB has about €14-billion in total assets, more than five million customers and 472 branches, it added. ING's third-quarter profit rose 47 per cent to €2.31 billion, buoyed by gains from selling its Belgian broker and employee-benefits insurance unit and ABN Amro Holding NV shares, the company said. INGA (Amsterdam) fell 59 euro cents to €29.07. TMB (Bangkok) trading was suspended yesterday; the shares ended trading on Tuesday at 1.58 baht (5 cents).
ING to buy 30% stake in Thai bank TMB
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