ING To Cut Stake In TMBThanachart Bank To 11.6%

India, Aug. 19 -- ING GROEP NV (ING,INGA.AS,INN1.DE,1INGA.MI), a Dutch banking and financial service provider, said that it has decided to reduce its stake in TMBThanachart Bank through a private placement of shares with institutional investors. The transaction is expected to cut the Group's stake in TTB from 19.5% to 11.6%, excluding shares held in treasury by TTB.

Post transaction, ING is anticipated to receive gross proceeds of around EUR 475 million. "The transaction is expected to have a small positive impact on ING's profit and loss account and CET1 ratio," the company said. The transaction is expected to settle on August 21.

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The company's move to ...