(Bloomberg) -- Kasikornbank Pcl, Thailand's second-biggest lender, is considering options for its asset management business including a sale amid interest from other industry players, according to people familiar with the matter.
KBank, as the Bangkok-based lender is known, is working with a financial adviser on a strategic review of Kasikorn Asset Management Co., the people said, asking not to be identified because the matter is private. The bank is seeking a valuation of as much as $2 billion in a potential transaction, the people said.
Options include selling a majority or a minority stake of the business, the people said. KBank is seeking a strategic partner to bolster its asset management platform and make it more competitive, they said. Kasikorn Asset manages about $47.2 billion, according to the bank's 2021 annual report.
Considerations are preliminary, no final decision has been made and the Thai lender could still decide to retain the unit for longer, the people said. A representative for Kasikornbank declined to comment.
A transaction would mirror previous ones from other top lenders in Southeast Asia's second biggest economy. In 2018, TMB Bank Pcl sold a majority stake in its asset management business to Prudential Plc's Eastspring Investments. A year later, Eastspring acquired a controlling stake in Thanachart Bank Pcl's asset manager following the $5.1 billion merger of TMB and Thanachart.
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