Thailand’s second largest lender Kasikornbank has shortlisted at least three bidders, including French asset manager Amundi and private equity firms CVC Capital Partners and TPG for a minority stake in its fund management unit, Kasikorn Asset Management, according to a Bloomberg report.
Citing unnamed sources, the report on October 28 says the three companies are now working with their financial advisers to weigh offers, and that a binding bid may be submitted to Kasikornbank as early as this week.
It says a deal could include the purchase of a minority stake and partnership with Kasikorn Asset Management, one of the largest fund management companies in Thailand.
Spokespersons for Kasikornbank, Amundi, CVC and TPG did not immediately respond to questions from Asia Asset Management.
Kasikorn Asset Management had 974.6 billion baht (US$25.79 billion) of assets under management as of end-2021.
Amundi had $2.01 trillion of assets under management as of end-June and Texas-based TPG managed $128 billion as of end-2021.
Luxembourg-based CVC’s website shows that it currently manages around 133 billion euros ($132.6 billion) of assets.