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ICBC says intends to make 545m USD offer for ACL bank

Written by Reuters Wednesday, 30 September 2009 17:06

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HONG KONG, Sept 30 (Reuters) - Industrial and Commercial Bank of China said it would buy a stake in Thai's ACL Bank ACL.BK from Bangkok Bank BBL.BK and intends to make an offer for all ACL shares for about $545 million to tap the fast-growing Thai economy and bilateral trade.

ICBC, the world's largest bank by market value, said it had agreed to buy a 19.26 percent stake in ACL Bank from Bangkok Bank for 3.52 billion baht ($104.8 million).

It also intends to buy all ACL shares at 11.5 baht each, involving about 18.29 billion baht ($544.5 million), it said in a statement late on Tuesday.

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