9th Aug 2019 10:34
(Alliance News) - Life insurer Prudential PLC said on Friday that Eastspring Investments, its Asian asset management business, will acquire Thailand-based Thanachart Fund Management Co Ltd.
Prudential said it expects Eastspring to enter into a definitive agreement by the end of the year and, subject to regulatory approval in Thailand, it will acquire a controlling stake in the company.
Thanachart Fund Management is a subsidiary of Thanachart Bank Public Co Ltd, one of the largest banks in Thailand.
Earlier Friday, ING Groep NV said Thai bank TMB, in which the Dutch lender has a 30% stake, will merge with Thanachart by the end of this year.
The deal will be worth THB130 billion, about GBP3.49 billion, and it will create a bank with more than THB2 trillion, or GBP53.73 billion, in assets.
Shares in Prudential were down 1.4% at 1,509.50 pence each in London on Friday morning.
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