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Bangkok
Metropolitan Bank
29
December 2000
In May this year HSBC Holdings plc signed an
agreement in principle with the Financial Institutions
Development Fund of Thailand (FIDF) for HSBC to
acquire a 75% interest in Bangkok Metropolitan
Bank (BMB). Completion of the acquisition was
subject to further discussions between HSBC and
FIDF on a number of matters, and to final documentation.
As a result of those discussions HSBC and FIDF
have concluded jointly that it will not prove
possible to reach final terms acceptable to both
parties. Accordingly, they have agreed that the
negotiations will be discontinued and that the
acquisition of BMB by HSBC will not proceed.
The discussions were conducted professionally
and were constructive throughout and HSBC wishes
to record its respect for the position of the
Thai authorities in relation to BMB and its gratitude
to them for the opportunity to consider the transaction.
Although disappointed by the outcome, HSBC, which
has had a presence in Thailand since 1888, continues
to view the country as one of considerable strategic
importance. HSBC will now focus on the organic
growth of its existing business and on developing
the range of services that it provides to Thai
companies and individuals.
Notes to editors
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HSBC Holdings plc
With some 6,000 offices in 81 countries and
territories and assets of over US$580 billion
at 30 June 2000, the HSBC Group is one of
the world’s largest banking and financial
services organisations.
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