Prudential is reported to be considering
bidding for the insurance business of Thailand’s Thanachart Bank in
deal said to be valued at approximately $500m.
It has been reported that the Thanachart Bank
unit, is set to be auctioned and is expected to include life and
non-life assets as well as a bancassurance arrangement. Some
Japanese and European are also expected to participate in the
process.
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Potential interest from Prudential in
Thanachart Bank’s insurance assets comes after Somjate Moosirilert,
CEO of Thanachart Capital, which is the bank’s parent, reportedly
said the group was still studying how to still studying how to
restructure its insurance business.
Moosirilert did not say whether the
restructuring plan includes mergers or selling assets to local or
foreign partners.
Speaking to Life Insurance
International, a spokesman for Prudential said the provider
would not be commenting on “market rumours and speculation”.
Thailand would certainly be an attractive
market for Prudential to grow its presence in.
According to its 2011 annual report, the
insurer is a “relatively small player” in Thailand with a market
share of 2%.
