Prudential takes over Thanachart's insurance business
Thanachart Bank is selling Thanachart Life Assurance to Prudential Life Assurance (Thailand) Plc for Bt18 billion.
TBANK expects the transaction to be completed in the first quarter of 2013. The deal is subjected to approval of the the Office of the Insurance Commission.
At the press conference today, it was announced that Prudential Life Assurance has signed an exclusive 15-year contract under which TBANK will be the sole bancassurance vendor of all Prudential’s life assurance products.
Bualuang Securities expected the sale to boost the balance sheets of Thanachart Capital, which holds a 51 per cent stake in the bank.
"We have upgraded our TCAP's 2013 profit forecast by 57 per cent to Bt11 billion," the house said.
