Thailand’s Bank of Ayudhya Pcl (BAY) announced on Thursday it would acquire Nomura‘s securities unit in Thailand for $155.3 million.
Japan’s Mitsubishi UFJ Financial Group holds a 76.9% stake in the Bank of Ayudhya, also known as Krungsri Bank, Thailand’s fifth-largest lender by assets.
“This transaction forms part of our strategic moves to accelerate the growth and the scale of Krungsri’s securities business,” BAY president Seiichiro Akita said in a statement.
The lender acquired consumer finance unit SHB Finance in Vietnam last year.
Nomura in a separate statement said the deal would allow it to focus on international wholesale and wealth management.
“This also enables Nomura to focus on our core businesses in Asia ex-Japan, including Thailand,” said Kenji Teshima, Representative Director, Nomura Asia Pacific Holdings.
The transaction is subject to approval from the Thai central bank and is expected to complete in the fourth quarter of this year, BAY said.
Reuters