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October 27, 2022

Amundi, CVC, TPG in fray to buy KBank’s asset management arm

Thailand-based Kasikornbank (KBank) has shortlisted bidders for a stake sale in its asset management business, reported Bloomberg citing people privy to the development.  

French asset manager Amundi, buyout firms CVC Capital Partners and TPG are said to be among the shortlisted bidders.

The firms in consultation with their financial advisers are reportedly considering options in this regard. 

KBank’s decision for stake sale follows its plan to expand and make its asset management platform more competitive through a strategic partner.

Once finalised, the Bangkok-headquartered lender is expected to offer a minority stake in the business and a partnership with Kasikorn Asset Management .

According to the sources, KBank is likely to receive binding bids in the coming weeks.

However, the shortlisted bidders may still opt to not go ahead with the offer as no decision has been taken yet, the people said.

Meanwhile, representatives from Amundi , TPG, CVC as well as KBank did not give an official statement in this connection.

In July this year, Bloomberg first reported Amundi and JP Morgan’s asset management unit are weighing bids for KBank’s asset management business.

Earlier this year, Amundi revealed its target of earning over €2bn in excess capital by 2025. The firm plans to use the capital to forge mergers and acquisitions among other things.

On the other hand, alternative investment manager CVC manages over €133bn of assets.

With nearly $127bn in assets under management, TPG focuses on private equity, growth, and real estate. As per KBank’s 2021 annual report, its asset management unit handles approximately $45bn in assets.

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