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Posts Tagged ‘Thanachart Bank’

Pru eyeing Thai insurance assets

In Uncategorized on 21/04/2012 at 9:29 am

British insurer Prudential Plc  is thinking of bidding for the insurance business of Thailand’s Thanachart Bank, Reuters and the FT report, in a abt US$500 million (310 million sterling) deal. The Pru wants to expand further into SE Asia but has only 2% of the Thai market, unlike Indonesia where it has extensive operations.. It has not tried to do a major deal since shareholders aborted a US435bn bid for AIA in early 2011.

The Thanachart Bank unit, which is set to be auctioned, is expected to include life and non-life assets as well as a bancassurance arrangement. Some Japanese and European insurers are also expected to participate in the process.

Note ING , which is in the process of selling its Asia insurance and asset management businesses, also has assets in Thailand that are up for sale.

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