Europe’s largest fund manager Amundi and global buyout firms CVC Capital Partners and TPG Inc. are among shortlisted bidders for a stake in the asset management business of Thai lender Kasikornbank Pcl, according to people familiar with the matter.
The private equity firms and Paris-based Amundi are working with their respective financial advisers as they weigh offers, the people said, asking not to be identified because the matter is private.
A deal could involve a potential minority stake purchase and a partnership with Kasikorn Asset Management Co., the people said. KBank, as the Bangkok-based lender is known, is expecting to receive binding bids as early as in the next few weeks, they added.
Thailand’s second-biggest lender has been weighing options including selling a minority or majority stake in its asset management unit amid interest from potential buyers, Bloomberg News reported in April. KBank is seeking a strategic partner to bolster its asset management platform and make it more competitive, people familiar with the matter have said.
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Considerations are ongoing, no final decision has been made and the firms could still decide against pursuing a deal, the people said. Representatives for Amundi and TPG declined to comment, while representatives for CVC and KBank didn’t immediately respond to requests for comment.
Amundi said in June that it expects to accumulate about €2 billion ($2 billion) in excess capital through 2025, which the asset manager intends to use for mergers and acquisitions or to return to shareholders through exceptional payouts.
CVC is a global alternative investment manager focused on private equity, secondaries and credit, managing about €133 billion of assets, according to its website. It bought a controlling stake in Malaysia’s Affin Hwang Asset Management Bhd. from Affin Banking Group earlier this year. TPG counts about $127 billion in assets under management. It invests in areas such as private equity, growth and real estate.
Source: Yahoo Finance
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