Prudential PLC Asian asset management arm Eastspring Investments entered into a binding memorandum of understanding with Thanachart Bank PCL to purchase a controlling stake in Bangkok-based Thanachart Fund Management Co. Ltd.
Eastspring expects to enter into a definitive agreement by the end of the year. The proposed transaction will be subject to local regulatory approvals 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.