(Bloomberg) — Europe’s largest fund manager Amundi SA and global buyout firms CVC Capital Partners and TPG Inc. is among the shortlisted bidders for a stake in the asset management business of Thai lender Kasikornbank Pcl, according to people familiar with the matter.
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The private equity firm and Paris-based Amundi are working with their respective financial advisers as they weigh the offers, the people said, asking not to be identified because the matter is private. A deal could include a potential purchase of a minority stake and partnership in Kasikorn Asset Management Co., the people said. KBank, as the Bangkok-based lender is known, hopes to receive binding bids in the coming weeks, they added.
Thailand’s second-largest lender is weighing options including selling a minority or majority stake in its asset management unit amid interest from potential buyers, Bloomberg News reported in April. KBank is looking for a strategic partner to strengthen its asset management platform and make it more competitive, people familiar with the matter said.
Considerations are ongoing, no final decision has been made and the companies could still decide against pursuing a settlement, the people said. Representatives for Amundi and TPG declined to comment, while representatives for CVC and KBank did not immediately respond to requests for comment.
Amundi said in June it expects to raise about €2 billion ($2 billion) in excess capital through 2025, which the asset manager intends to use for mergers and acquisitions or to return to shareholders through extraordinary deals. payout.
CVC is a global alternative investment manager focused on private equity, secondary and credit, managing approximately €133 billion of assets, according to its website. It bought a controlling stake in Malaysia’s Affin Hwang Asset Management Bhd from Affin Banking Group earlier this year. TPG counts about $127 billion in assets under management. It invests in areas such as private equity, growth and real estate.
–With help from Cathy Chan and Anuchit Nguyen.
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