Europe’s largest fund manager and two global buyout firms are among the shortlisted bidders for a stake in the asset management business of Kasikornbank Plc, according to people familiar with the matter.
Paris-based Amundi and the private equity firms CVC Capital Partners and TPG Inc are working with their respective financial advisers as they consider making offers, the sources said, asking not to be identified because the matter is private.
A deal could involve a potential minority stake purchase and a partnership with Kasikorn Asset Management Co (KAsset). KBank is expecting to receive binding bids as early as in the next few weeks, they added.
Thailand’s second-biggest lender has been weighing options including selling a minority or majority stake in its asset management unit amid interest from potential buyers, Bloomberg News reported in April this year. KBank is seeking a strategic partner to bolster its asset management platform and make it more competitive, people familiar with the matter have said.
No final decision has been made and the firms could still decide against pursuing a deal, 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 that it expected to accumulate about €2 billion in excess capital through 2025, which the asset manager intends to use for mergers and acquisitions or to return to shareholders through exceptional payouts.
Luxembourg-headquartered CVC, originally a spin-off from Citibank, is a global alternative investment manager focused on private equity, secondary and credit markets, managing about €133 billion worth of assets, according to its website. It bought a controlling stake in Malaysia-based Affin Hwang Asset Management Bhd from Affin Banking Group earlier this year.
Texas-based TPG counts about $127 billion in assets under management. It invests in areas such as private equity, growth and real estate.
