25th Jul 2018 13:18
LONDON (Alliance News) - Insurance and financial services provider Prudential PLC said on Wednesday it has agreed to acquire an initial 65% interest in Thai-based TMB Asset Management Co Ltd.
This will be done through Prudential's Asian asset management business Eastspring Investments for an undisclosed price.
In addition, Eastspring has entered a distribution agreement with TMB to provide investment solutions to its customers, along with an option to increase its ownership of TMB to 100% in the future.
The acquisition extends Eastspring's presence to 11 markets in Asia, and reinforces Prudential's commitment to the Thai market, which it has operated in for 20 years through Prudential Life Assurance (Thailand) Public Co Ltd.
The acquisition is subject to local regulatory approval.
"Asia is the growth engine of Prudential and the acceleration of our asset management business is a key strategic priority. This acquisition further enhances Prudential's position in Thailand and demonstrates our commitment to meeting the fast-growing savings and investment needs of our clients in the region. Through its on-the-ground presence, Eastspring will also be able to enhance its investment support to our high-quality life insurance business," said Nic Nicandrou, chief executive of Prudential Corp Asia.
Shares in Prudential were down 1.8% at 1,765.00 pence on Wednesday.
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