BANGKOK, March 17 (UPI) -- The battle for control of Thailand's eighth largest commercial bank, the Bank of Asia, is heating up, with HSBC said to have entered the fray.
The Singapore-based United Overseas Bank has already expressed interest in bidding for the controlling stake in the Thai bank.
Industry sources said the Hongkong and Shanghai Banking Corp., which has had a presence in Thailand since 1888, will likely give UOB a tough fight for the control of the Bank of Asia. But Business Day reports HSBC, the world's second-largest bank, has not officially confirmed any interest.
A majority stake is being offered for sale by the bank's major shareholder -- Dutch banking giant ABN Amro -- which controls 80.77 percent in the bank. ABN Amro wants to exit to keep its presence in the country through its ABN Amro branch.
Under the government's new financial masterplan, financial institutions having more than one outlet for accepting deposits must comply with the "one presence" policy. Under that policy, such banks must select within two months whether they want to operate their own branches or operate through hybrid banks with local partners.
