Kasikornbank (KBank) Public Company Limited, the second-largest lender in Thailand, has put the plans to sell a share in its asset administration business on hold, based on people conversant in the situation.
Negotiations between KBank, primarily based in Bangkok, and a number of other prospective consumers have reached an impasse due to disagreements on terms of a possible agreement, said those familiar with the matter, who requested anonymity due to the personal nature of the discussions. Previously reported by Bloomberg News, Amundi SA of France, and buyout companies CVC Capital Partners and TPG Inc. have been among the many fascinated events.
Since Complete , KBank has been considering options like promoting a minority or majority stake to have the ability to strengthen its asset management platform. The financial institution initially aimed for a valuation of up to US$2 billion, based on sources with knowledge of the matter.
A final determination has not yet been made, but some suitors are still interested if the worth is right, stated the unnamed sources. Representatives from Amundi, CVC, and TPG declined to comment on the matter.
A spokesperson for KBank also declined to remark and as an alternative referred to a press release made in January, in which the company had indicated that asset administration is considered one of its vital businesses and regularly holds discussions with various parties as part of normal operations. Furthermore, the lender continuously strives to discover new business opportunities and strategies of benefiting shareholders, as per the assertion.
KBank’s shares skilled minimal modifications last Friday in Bangkok. This year, the stock has fallen by roughly 8%, rendering the lender a market worth of roughly US$9.5 billion. An investor presentation revealed that at the end of final 12 months, KBank’s asset management arm managed round 1.49 trillion baht (US$44 billion)..