By The Nation
This acquisition allows Eastspring to expand its footprint in one of the fastest-growing Asian markets.
As announced in July, Eastspring has an option to increase ownership to 100 per cent and has entered into a distribution partnership with TMB, Thailand’s seventh-largest bank by assets.
This partnership enables TMB customers to access and invest in Eastspring’s world-class investments.
Nic Nicandrou, CEO of Prudential Corporation Asia, said: “This is an exciting day for Prudential and Eastspring. The acquisition and distribution partnership reinforces Prudential’s strong commitment to Thailand, complements our growing life insurance business and allows us to accelerate our growth in this exciting market. We look forward to working with the team at TMB to protect and grow the wealth of our customers.”
Guy Strapp, chief executive of Eastspring Investments, said: “TMBAM is a strong business and we look forward to creating further value as we combine our product offering and Asian investment management expertise with TMBAM’s local expertise and insights.
"Over the coming months, we will focus on three areas. Firstly, establishing a range of ‘best in class’ investment solutions for TMB’s customers, including both existing Eastspring and new strategies; secondly, integrating our investment teams to ensure we have strong on-the-ground expertise; and, thirdly, enhancing distribution through innovative training and implementing digital solutions.”