Krungthai Bank, CIMB Thai Bank, Thanachart Bank and Industrial and Commercial Bank of China (Thai) were the other banks, reports The Nation.

CP Pokphand (CPP) does business both in China, with a focus on animal feed, and in Viet Nam, with a focus on fully integrated agribusiness.

The purchase will make Thailand–based CPF Group the largest agricultural–industrial conglomerate in the Asia-Pacific region with operations in 12 countries covering three billion consumers.

Chartsiri Sophonpanich, president of Bangkok Bank, said both China and Vietnam were countries with great potential for economic expansion. They will enjoy higher levels of consumption and that will spur even greater demand for products from Charoen Pokphand Foods (CPF).

He said: “CP Group is one of the outstanding success stories of Thai companies going offshore and CPF is a shining star in CP Group, with investments in 12 countries around the world.”

CPP is the second-largest animal feed supplier in China, with four per cent of the market. Its distribution network spreads over 28 provinces and special territories.

Besides animal feed, which accounts for 95 per cent of its business in China, CPP is also involved in the marketing of antibiotic veterinary drugs and the production of motorcycles.

In Viet Nam, CPP is the largest producer of animal and aquaculture feed. It is the leader in commercial farming of swine, poultry and shrimp and is also active in food production, which is growing strongly.

The Nation report quotes Mr Chartsiri saying that Bangkok Bank has great confidence in CPF’s vision and competency and was pleased to support the acquisition of CPP, which will lead to synergies and economies of scale that will support the continued success of CPF.