Prudential’s Asian asset management business Eastspring Investments has agreed to acquire a 65% stake in Thailand’s TMB Asset Management (TMBAM) from TMB Bank Public Company (TMB).

The agreement also offers Eastspring the option to increase its stake in TMBAM to 100% in the future.

Additionally, both the parties signed a distribution agreement through which Eastspring will be able to offer its investment solutions to TMB customers.

Prudential Asia CEO Nic Nicandrou said: “Asia is the growth engine of Prudential and the acceleration of our asset management business is a key strategic priority.

“This acquisition further enhances Prudential’s position in Thailand and demonstrates our commitment to meeting the fast-growing savings and investment needs of our clients in the region. Through its on-the-ground presence, Eastspring will also be able to enhance its investment support to our high-quality life insurance business.”

The deal marks Prudential’s foray into the mutual fund market in Thailand and increases Eastspring’s footprint to 11 Asian markets.

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Eastspring CEO Guy Strapp said: “This transaction enables us to further strengthen our unrivalled footprint in Asia. Eastspring has a long history of building successful partnerships and is ideally positioned to complement TMB’s strong local market position and distribution capabilities.”

Operating in Asia for around 25 years, Eastspring manages £139bn in assets.