ING cuts ttb stake to 11.6% through €475m PP share sale
ING will cut its ttb stake from 19.5% to 11.6% in a €475m institutional sale, while the Thai bank says management and strategy are unaffected
- ING is reducing its stake in TMBThanachart Bank (ttb) from 19.5% to approximately 11.6% in a transaction valued at about €475 million.
- The sale is being conducted as a private placement, selling existing shares directly to institutional investors to limit the impact on ttb's market share price.
- ING described the move as part of its active capital management and strategy to optimize its investment portfolio.
- The transaction will not affect ttb's management structure, operations, or corporate strategy, as the bank operates independently.
ING Bank N.V. is reducing its shareholding in TMBThanachart Bank Public Company Limited, or ttb, from 19.5% to approximately 11.6% through an institutional placement valued at about €475 million.
Settlement and delivery of the existing shares are expected to be completed on Friday (August 21, 2026). ING’s resulting stake will be calculated against the number of shares outstanding, excluding treasury shares held by ttb.
The Thai bank confirmed that the transaction would not affect its management structure, operations, corporate-governance framework or core strategy.
ING described the sale as part of its active capital management and efforts to optimise its investment portfolio.
ttb said it was a decision made independently by ING as a direct shareholder and that the bank was neither informed in advance nor involved in the decision.
Institutional sale limits market pressure
ING is placing the shares directly with institutional investors rather than selling them through the main trading board.
ttb said this structure should reduce the risk of a large volume of shares entering the secondary market simultaneously and limit the immediate effect on trading in TTB shares.
The placement will allow institutional and other interested investors to acquire the shares directly.
It is also expected to increase ttb’s free float, which the bank views as positive for the shares’ long-term trading liquidity.
The transaction involves the sale of existing shares and does not represent the issuance of new ttb shares.
Management and strategy remain unchanged
ttb said the reduced ING holding would not affect its operational independence or ability to manage its business.
The bank has continued transforming its organisation and developing its internal workforce so that its Thai management team can oversee and drive all areas of the business.
ING’s main role remains at board level. ttb said the reduced shareholding would therefore have no effect on its business operations or management.
The bank added that its ongoing organisational transformation had prepared it to respond to internal and external changes without depending on the ownership level of any single shareholder.
Buyback programme continues
Piti Tantakasem, chief executive officer of ttb, said the bank would continue working towards improving the financial well-being of Thai people while generating sustainable returns for shareholders.
Its capital-management policy includes maintaining an appropriate and sustainable dividend-payout level and conducting share repurchases.
ttb’s expanded buyback programme has a total budget of THB35 billion over four years from 2025 to 2028. The bank has completed cumulative repurchases worth about THB21 billion, leaving THB14 billion available under the framework.
Piti said completing the earlier repurchases ahead of schedule had given the bank greater flexibility over the timing of its next programme.
ttb will determine the format and method of future repurchases after considering relevant factors, including capital-market conditions, with the aim of delivering the greatest benefit to shareholders.
