Prudential plc will enter the Thai asset management asset with its purchase of a 65% stake in TMB Asset Management, with an option of full ownership in the future.

The purchase will be carried out through Prudential’s Asian asset management arm Eastspring Investments for an undisclosed price.

TMB Asset Management is a subsidiary of TMB Bank Public Company and had over US$13 billion in client investments as of March 2018. Alongside the shares purchased, Prudential has also entered into a distribution agreement with TMB Bank – Thailand’s seventh-largest bank by assets with over 400 branches and six million customers.

The transaction will give Eastspring access to a total of 11 markets across Asia and will enlarge Prudential’s footprint in Thailand, where it has operated for 20 years.

“Asia is the growth engine of Prudential and the acceleration of our asset management business is a key strategic priority,” said Nic Nicandrou, chief executive officer of Prudential Corp Asia. “This acquisition further enhances Prudential’s position in Thailand and demonstrates our commitment to meeting the fast-growing savings and investment needs of our clients in the region.

“Through its on-the-ground presence, Eastspring will also be able to enhance its investment support to our high-quality life insurance business.”

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