Prudential to buy Thai firm in banking tie-up

PRUDENTIAL has extended its reach into the Asian market by agreeing a long-term exclusive deal with Thanachart Bank, Thailand’s fifth biggest retail bank.

As part of the deal Prudential has also bought Thanachart Life Assurance Company.

A statement from Prudential late last night said that the firm, through its subsidiary Prudential Life Assurance (Thailand) and Thanachart Bank had agreed a 15-year deal to jointly develop their bancassurance business in Thailand. Prudential will pay £358m on completion, with a further £10m payable a year later.

Prudential boss Tidjane Thiam said, “We have had a long standing ambition to significantly increase our presence in Thailand, one of our key target markets in South East Asia.”