The Finance ministry is preparing to sign a deal with the Industrial and Commercial Bank of China (ICBC) to allow the Chinese bank acquiring more than 49 percent stake in ACL Bank Plc (ACL).

Finance Minister Korn Chatikavanij said the ministry would accelerate the approval process to enable ICBC doing a tender offer with the individual ACL shareholders.

“We’ve agreed with the Bank of Thailand’s proposal,” said the minister. “It will take effect immediately upon approval.”

According to the deal, ICBC will acquire a 30 percent stake in ACL from the central bank’s rescue arm Financial Institutions Development Fund (FIDF), 9.26 percent from Thailand’s largest lender Bangkok Bank Plc (BBL) and the rest from a tender offer activity.

The Chinese bank is expected to spend around 8.0 billion baht through the processes. It sets to buy ACL at 11.50 baht a share from the individual shareholders.

The Bank of Thailand previously relaxed regulations on ICBC to allow it operate as a local foreign company in the kingdom territory following an acquisition of ACL Bank Plc.