Nothing is ever quite what it seems in Thailand, as ING Bank learnt the hard way recently. A main board director flew from Amsterdam late last year to have lunch, shake hands and return smiles with executives at Thailand’s eighth-largest bank, Siam City Bank (SCIB). A memorandum of understanding (MOU) was signed under which ING would buy a 10% stake in the Thai-listed bank for Bt1.32 billion ($30 million) as part of a recapitalization.
Three months later, ING country manager Jan Cherim is left “agape” by the deal, which rapidly turned into a fiasco when SCIB’s Bt11 per share rights issue an integral part of the ING agreement – sank without trace.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
