30th Sep 2019 14:47
(Alliance News) - Prudential PLC on Monday said its Asian asset management business Eastspring Investments has agreed to acquire a 50% stake in Thanachart Fund Management Co Ltd.
The deal, valued at THB4.21 billion, roughly GBP108 million, will see Eastspring secure 25% of the fund management firm from Thai bank Thanachart Bank Public Co Ltd and another 25% stake held by Thailand's state-owned Government Savings Bank.
The acquisition is subject to regulatory approval and the acquisition of Thanachart Bank by peer TMB Bank Public Co Ltd. The two banks signed an agreement to merge on August 8.
Eastspring will have the option to take sole ownership of Thanachart Fund Management "in the future".
Nic Nicandrou, chief executive of Prudential Corp Asia, said: "As a leading life insurer and asset manager in Asia, Prudential is committed to helping customers protect their health and grow their wealth. By signing this agreement, we are seizing the opportunity to acquire a highly attractive business in the growing Thai market and work more closely with strong partners - TMB and Thanachart Bank.
"Following the demerger of the group's UK and Europe business, M&GPrudential, Prudential PLC will become Asia-led, which means we will be even more focused on meeting the insurance and savings needs of Asian consumers."
Shares in Prudential were 0.5% higher at 1,480.00 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Prudential