By Adria Calatayud
ING Groep said it sold part of its stake in TMBThanachart Bank for 243 million euros ($281.4 million) by participating in the Thai lender's share buyback.
The move reduces ING's stake in TTB to 19.5% from 23.1%, the Dutch bank said Friday. ING said it remains a significant shareholder in TTB and continues to value its partnership with the bank.
ING said it doesn't expect the sale to have a material effect on its earnings, equity or capital ratios.
Write to Adria Calatayud at adria.calatayud@wsj.com