The Finance Ministry said it is preparing to sell the entire 30.61 percent stake in ACL Bank to the world’s biggest bank by market capitalization, The Industrial and Commercial Bank of China (ICBC), after its chairman Jiang Jianqing has talked with Thailand’s Finance Minister Korn Chatikavanij and Prime Minister Abhisit Vejjajiva.

The ministry said that ICBC want to acquire the controlling stock in ACL, translating into more than 50 percent of its outstanding shares.

The matter would be subject to approval from both sides.

Under Thailand’s regulation, foreign investor seeking to acquire controlling stock in Thai banks of more than 49.0 percent stake is subject to the finance minister approval.

At the end of 2008, Thailand’s finance ministry was the largest shareholder in ACL with a 30.61 percent stake

ICBC said it has secured the deal by signing an agreement with Thailand’s biggest lender Bangkok Bank to buy the entire 19.26 percent stakes in ACL at 11.5 baht a share.

The Chinese lender said the transaction is a significant in ICBC expansion in the Mekong River region and also the Southeast Asia region.