Shares in CIMB Thai Bank Pcl jumped as much as 23percent to 2.96 baht, the highest since Nov. 5, 2010, after anewspaper reported that its parent, CIMB Group Holdings Bhd, planned to buy a stake in Bank of Ayudhya.
Local newspaper Khao Hoon quoted a market source as sayingthat Malaysian bank CIMB had conducted due diligence on a planto acquire about 25 percent stake in Bank of Ayudhyafrom General Electric Co (GE( and sought businesscooperation with CIMBT in which it owns 93.15 percent.
GE sold about a quarter of its stake in Bank of Ayudhya latelast month, cutting its share in the bank to 25.3 percent..
CIMBT shares were up 19.2 percent at 2.86 baht. The bankingsubindex was down 0.9 percent while the broader SETindex fell 0.4 percent.
1133 (0433 GMT)
(Reporting by Viparat Jantraprap in Bangkok;firstname.lastname@example.org); Editing by JijoJacob
Keywords: MARKETS THAILAND STOCKSNEWS/CIMBTHAI