July 25 (Reuters) - Prudential Plc said its Asian asset management unit Eastspring had agreed to buy 65 percent of TMB Asset Management (TMBAM) from Thai bank TMB PCL, marking the British insurers entry into the country’s mutual fund market.
Eastspring has an option to buy the remaining stake in the Thai asset manager in the future.
Eastspring had also entered into a distribution agreement with TMB to provide investment solutions to their customers, Prudential said.
TMBAM is the fifth-largest asset manager in Thailand, with 10 billion pounds ($13.15 billion) of assets under management, Prudential, which has operated in Thailand for more than twenty years, said in a statement.
Credit Suisse is acting as financial advisor to Prudential and Eastspring for the deal.
$1 = 0.7607 pounds Reporting by Noor Zainab Hussain in Bengaluru Editing by Alexandra Hudson