CIMB-Principal buys out Finansa Asset
CIMB-Principal Asset Management in Thailand today signed the share purchase agreement to acquire Finansa Asset Management (FAM) in Thailand for approximately Bt225 million, to further enhance its position as Thailand's leading asset management company and
CIMB-Principal is a wholly-owned subsidiary of CIMB-Principal Asset Management Bhd in Malaysia. The takeover is in line with CIMB Group's regionalisation plans.
The purchase price is subjected to the condition in the agreement and final settlement.
"Thailand is a core market for our ASEAN franchise and this acquisition underscores our commitment to continue to grow our presence here," said Dato' Sri Nazir Razak, Group Chief Executive, CIMB Group, at the press conference.
To Jumpon Saimala, chief executive officer of CIMB-Principal Asset Management in Thailand, the country's asset management industry will see a paradigm shift.
"The addition of FAM’s experienced asset management team complements our already highly-regarded team. The integration of the two business platforms, leveraging on CIMB-Principal Asset Management’s presence in the retail mutual fund business as well as FAM’s strength in the provident fund business portfolio and registrar system, will strengthen and enhance our capabilities to manufacture and distribute the best of breed and comprehensive range of products to our Thai retail and institutional clients,” Jumpon said.
Both houses will be combined.
As of June 2014, the total asset under management (AUM) of CIMB-Principal is Bt34.05 billion. The acquisition will increase the AUM to Bt70.35 billion.
