Thailand’s Thanachart Bank readies sale of insurance ops
The sale would likely canadian goose jacket include a bancassurance deal and could kick off in the next two weeks, one of the sources said.Another source familiar Canada Goose Coats On Sale with the deal said canada goose the sale was being canada goose factory sale driven by stricter regulatory capital reserve requirements and the goal was to complete the sale in the next quarter. The source said domestic and foreign companies, including Japanese firms, were among potential buyers. A separate source confirmed that there was interest from Japanese insurers.The sources declined to be identified because the information is not public. A Citigroup spokesman declined to comment.Thanachart Bank executives told analysts on February canada goose store 28 the bank was not buy canada goose jacket cheap selling its insurance business, the Canada Goose Jackets investor relations officials said, but added that Thanachart Bank would be open to such a deal.Local Thai media quoted Thanachart Bank chief executive, Somjate Moosirilert, as saying late last canada goose clearance sale month that buy canada goose jacket Thanachart insurance operations could be cheap canada goose uk merged or sold, but the tax implications needed to canada goose uk outlet be studied and no decisions had been made.Some local media reports said Citi uk canada goose was advising on strategic options and that Southeast Insurance Group of TCC Group was a potential buyer.Banks selling insurance assets and setting up distribution agreements cheap Canada Goose as canada goose outlet toronto factory part of those sales is not a new phenomenon. CIMB Group in Malaysia in 2007 sold insurance assets and struck bancassurance deals canada goose clearance with Allianz and Aviva. Singapore based United Overseas Bank sold its life insurance unit to Britain Prudential in 2010 Canada Goose Outlet for $307 million Canada Goose online and entered into a 12 year bancassurance agreement.Just last week, HSBC canada goose coats on sale sold its general insurance business, along with 10 year bancassurance agreements, to AXA and QBE.Thanachart Bank is Thailand fifth largest lender by number of branches and the country biggest car loan lender.The Bangkok based bank is jointly owned by Thanachart Capital Public Co Ltd and Scotia Netherlands Holding BV, with Thanachart Capital owning slightly more than half of Thanachart Bank. Thanachart Bank bought Siam City Bank over the course of several canada goose uk shop transactions in 2010.Thanachart Bank sells life, health, fire, auto, marine and transportation Canada Goose Parka insurance. According to Thailand Office of the Insurance Commission, Thanachart canada goose uk black friday life insurance business had premiums of 7.1 billion baht ($230.63 million) in 2011. It was ranked No.10 out of 24 life insurers in Thailand by premiums in 2011 https://www.canadagoose-coats.ca and Canada Goose Online had a market share of 2.17 percent.Thanachart Bank non life insurance business had premiums of 4.6 billion baht over the same period. It was ranked No.8 of 66 non life insurers in Thailand and had canada goose coats a market canada goose black friday sale share of 3.32 percent.As of December 31, Thanachart Bank life insurance business had total assets of 34.9 billion baht and the non life insurance business had total assets of 8.7 billion baht. The bank total assets across all business lines was 886 billion baht.Reporting by Clare Baldwin, Denny Thomas, Lawrence White and Kelvin Soh Canada Goose sale in HONG KONG and Khettiya Jittapong and Manuphattr Dhanananphorn in uk canada goose outlet BANGKOK; Editing by Chris Lewis and Matt Driskill.