Amid interest from foreign investors, KBank 'to invite bids' for its asset management business
Kasikornbank (KBank) will invite bids for its asset management business after seeing interest among foreign investors, according to a Bloomberg report on Thursday, citing a source familiar with the matter.
Among investors who have reportedly expressed interest in bidding for Kasikorn Asset Management (KAsset) are French asset management company Amundi, American investment company TPG and Luxembourg-based private equity and investment advisory firm CVC Capital Partners.
It is expected that the bidding agreement would cover acquisition, share purchase or even business partnership.
KBank had earlier expressed its intention to sell its asset management business and that the bank was seeking business opportunities to benefit customers and shareholders.
"If the transaction [sale of KAsset] is made, the bank will reveal information in line with the Stock Exchange of Thailand's regulations," the bank said.
Bloomberg had reported that Thailand's large financial institutions, SCBX and KBank, also have planned to sell their asset management business.
