TMBThanachart Bank Public Company Limited (SET: TTB) has authorized the fifth round of its four-year, THB 35 billion capital management program, deploying its remaining THB 14 billion budget to conclude the initiative ahead of its original 2028 schedule.
Under Chief Executive Officer Piti Tantakasem, the bank’s non-conflicted board approved the final buyback tranche to optimize shareholder returns. Prior to this decision, TTB had completed four repurchase rounds, acquiring 10.038 billion shares—equivalent to 10.29% of total issued shares—for approximately THB 21 billion.
The current round establishes an indicative tender price range of THB 2.49 to THB 2.63 per share, with the final repurchase price scheduled for announcement on October 26, 2026. Rather than utilizing Automatic Order Matching (AOM) across six months, TTB opted for a 10-business-day General Offer structured between November 16 and November 27 to safeguard secondary market stability. Because the indicative offer price range trails TTB’s recent market closing price of THB 2.72, retail investors have little financial incentive to participate, as selling directly on the Stock Exchange of Thailand yields higher returns.
Consequently, market assessments indicate that the buyback principally facilitates a structured exit for ING Group. ING currently holds over 10.1 billion TTB shares, representing roughly a 10% equity stake. The Dutch financial group previously divested approximately 6.891 billion shares through TTB’s earlier buyback rounds. Based on the THB 14 billion allocation, estimates project ING could tender around 5 billion shares in this tranche, potentially reducing its remaining holding to below 5%.
Offloading a transaction of this scale through open-market order matching would create severe downward price pressure; the General Offer provides an orderly channel for stake reduction without triggering secondary market disruption. Additionally, ING holds no executive management authority, ensuring operational continuity remains unaffected by the divestment.
TTB’s fundamental performance remains sound, highlighted by a net profit of THB 16.134 billion for the first nine months of 2026, marking a 4.8% year-on-year increase. Cancelling repurchased shares removes dividend entitlement on those units, boosting key profitability metrics such as earnings per share (EPS) and return on equity (ROE). This policy was reflected in the first half of 2026, when interim dividends expanded 23% to THB 0.081 per share alongside an increased payout ratio of 65%.
Following the repurchase, TTB expects its Capital Adequacy Ratio (CAR) to remain comfortably above 19%, maintaining strong liquidity well above the Bank of Thailand’s 12% regulatory baseline.
