Thanachart rumoured to sell its insurance unit

Thanachart Bank will hold an urgent press conference today, expected to reveal the sale of its insurance business.

The bank, Thailand's sixth largest by assets, sent out an invitation in an SMS late yesterday. Executives at the bank declined to comment on the topic, but The Nation learnt that it could be about the sale of Thanachart Life Assurance.

The bank has reportedly attempted to divest the business or merge it with Siam City Life Assurance. Citigroup was appointed to find the possible suitor for the business.

A source at the company said that executives from Canada's Bank of Nova Scotia, the bank's major shareholder, would also attend the press conference.

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Article source: http://www.thethailandlinks.com/2012/11/05/thanachart-rumoured-to-sell-its-insurance-unit/