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Thailand approves tax incentive plan to encourage bank mergers

Thailand approves tax incentive plan to encourage bank mergers

BANGKOK:  Thailand’s Cabinet approved a plan on Tuesday to offer tax incentives to encourage mergers among the country’s commercial banks, a move that will help them better compete with their larger regional rivals.

Tax exemptions will be granted to shareholders of commercial banks that have merged including corporate income tax and personal tax.” Thailand’s five biggest lenders are Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Kasikornbank and Bank of Ayudhya.”So the finance ministry thinks there should be measures to encourage the merger of Thai banks in order to be competitive in Asean,” he said, referring to the Association of Southeast Asian Nationscountries.