CIMB-Principal Asset Management in Thailand has entered into a share purchase agreement to buy Finansa Asset Management (FAM) in Thailand for a deal worth THB225 million.

The acquisition will expand CIMB-Principal’s asset management presence in Asia and is in line with CIMB Group’s regionalization plans.

The deal price is subjected to the condition in the agreement and final settlement.

The acquisition will leverage 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.

Additionally, the transaction will strengthen and enhance CIMB’s capabilities to manufacture and distribute comprehensive range of products to Thai retail and institutional clients.

Following the acquisition, both the firms will merge their business platforms.

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By GlobalData

Dato’ Sri Nazir Razak, group chief executive, CIMB Group, said: "Thailand is a core market for our ASEAN franchise and this acquisition underscores our commitment to continue to grow our presence here."

At the same time, CIMB Group Holdings is seeking for banking licences in Vietnam and Myanmar as part of its move to expand into the Southeast Asian markets.

CIMB Group Chief Executive Nazir Razak said that the firm is planning to open a banking business in the Philippines and is studying regulations in the country.