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Prudential PLC's Asian asset manager to take majority stake in Thanachart Fund

Prudential PLC's Asian asset management business, Eastspring Investments, signed an agreement to acquire a 50.1% stake in Bangkok-based Thanachart Fund Management Co. Ltd. from Thanachart Bank PCL and Government Savings Bank.

Deal consideration is 4.21 billion Thai baht. Eastspring has an option to increase ownership of Thanachart Fund Management to 100% in the future.

Completion of the transaction is subject to regulatory approval and is also contingent on the completion of the merger of Thanachart Bank and TMB Bank PCL.

Thanachart Fund is a joint venture between Thanachart Bank, which holds 75% of its total shares, and Government Savings Bank, which holds 25% of its total shares. The company operates mutual fund, private fund and provident fund management businesses, as well as an investment advisory business.

As of Sept. 27, US$1 was equivalent to 30.64 Thai baht.