TMB Bank, the country's seventh-largest bank by assets, has entered into a deal to sell a 65% stake in TMB Asset Management (TMBAM) to Prudential Corporation Asia Ltd's indirect wholly owned subsidiary Eastspring Investments Singapore Ltd.
The transaction is subject to meeting customary conditions such as regulatory approval, the bank said in a filing with the Stock Exchange of Thailand late yesterday without identifying the transaction value.
Under the deal, TMB also agrees to sell out the remaining 35% stake in TMBAM through a predefined mechanism in the future, the bank said.
After the transaction, TMBAM will continue to be one of the asset management firms selling mutual funds through TMB's platform on a non-exclusive basis, TMB said.
BofA Merrill Lynch and ING Bank have been appointed as financial advisers and Allen & Overy as legal counsel on the deal.