TORONTO – Scotiabank says its strategic plans for the Asia Pacific region are shifting and the bank is considering options for its investment in a Thai bank.
The Canadian bank says it hasn’t made a final decision on its 49 per cent in TBank, formerly known as Thanachart Bank Public Company, which has its headquarters in Bangkok.
Scotiabank says its Thai partner in TBank is aware of the review and open to proposals.
The partnership was formed in 2007, when Scotiabank (TSX:BNS) acquired a quarter-interest in TBank — later increased to just under 49 per cent.
The bank’s announcement provided few details about the strategic shift it expects, except that its global banking and markets business line would re-align its regional operations.
Scotiabank has a wide array of investments outside of Canada, predominantly in Latin America and the Asia-Pacific region.