TTB Confirms ING Share Sale Won't Hurt Business

On August 18, ING Bank N.V., a major shareholder of Thai Military Bank Public Company Limited (TTB), completed the sale of TTB shares through a private placement to institutional investors valued at approximately 475 million euros. Following settlement expected on August 21, ING's shareholding stake is projected to decrease from 19.5% to 11.6% of outstanding shares excluding treasury shares held by TTB. TTB has clarified to the Stock Exchange of Thailand and investors that the transaction is ING's direct portfolio management and does not involve TTB's prior knowledge or involvement in the decision-making process. The bank views the private placement method as reducing the risk of large-scale selling pressure on the secondary market while limiting impact on primary trading, and as an opportunity for institutional investors to invest directly in TTB shares. The transaction also increases the proportion of shares held by minority shareholders (free float), which will benefit TTB's stock liquidity in the long term. TTB confirms the reduction in ING's shareholding will not affect the bank's administrative structure, operations, corporate governance framework, or main business strategy. The bank has undergone continuous organizational transformation and prepared its personnel to manage operations efficiently under Thai management, with ING's main role remaining at board level only. TTB Chief Executive Officer Piti Tantakeset stated the bank remains committed to achieving its goals of improving financial well-being for Thai people while delivering sustainable returns to shareholders through appropriate dividend payments and share buybacks. To date, TTB has completed share buybacks totaling 21 billion baht out of the 35 billion baht four-year program (2568-2571), leaving 14 billion baht available.