Apr. 9, 2008 (China Knowledge) - The Industrial and Commercial Bank of China (ICBC)<601398><1398>, the nation's largest lender, said it is still in talks to buy a stake in Thailand's ACL Bank Pcl.

"We have been in negotiation on the investment in ACL," said ICBC Chairman Jiang Jianqing in Beijing yesterday. But the details on the ownership level in the Bangkok-based small lender are unavailable to date.

 

Last October, ICBC agreed to buy a 19.3% stake of ACL from Bangkok Bank, but the deal was delayed awaiting a new law that will raise the maximum foreign ownership limit in Thai banks from current 25% to 49%. The rich banking giant also aims another 30.6% of ALC Bank from Thailand's Ministry of Finance, out of its M&A strategy to gain control and management in small banks.

ICBC has been seeking small-scale acquisitions overseas since December 2006. It sealed a deal to acquire 20% of South Africa's Standard Bank Group Ltd for RMB 38.8 billion earlier this year, the largest overseas acquisition in the Chinese history.