CIMB Thai Bank yesterday sold its office block on Sathorn Road for just over Bt1 billion to an undisclosed buyer. The deal will be completed in December.
"We're pleased with the sale price, which we believe reflects the fair value of the property," said president and CEO Subhak Siwaraksa. "This sale forms part of the bank's rationalisation exercise to improve efficiency and reduce costs.
"We're operating with excess space at the moment, as the bank's office operations in Bangkok are spread between its buildings on Sathorn and Soi Langsuan. By early next year, we'll all be operating from one site in the Langsuan building."
The bank's board approved the sale of the Sathorn building earlier this month after an extensive bidding process attracted 20 interested buyers. The 2,706-squaremetre property consists of a 26storey tower block and a threestorey building.
Customers with accounts at that branch can continue to do business there until further notice.
CIMB Thai Bank, formerly known as BankThai, was acquired by the CIMB Group in January. As of June 30, it had Bt134 billion in assets and Bt7.1 billion in shareholders' funds.
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