UK's Prudential Buys Thai Bank Insurance Unit For $751M

Law360, London (March 20, 2020, 3:24 PM GMT) -- Prudential plc., a major U.K.-based insurer, said Thursday that its Thai subsidiary has entered into a $751 million, 15-year insurance deal with TMB Bank Ltd., a transactional bank based in Thailand.

Prudential will have to pay for the rearrangement of an existing contract between TMB Bank and an insurer. It will pay 24.5 billion Thai baht ($750.8 million) to waive the contract.

Nic Nicandrou, chief executive of Prudential Corporation Asia, said the deal is aimed at “further complementing Prudential’s asset management relationships in Thailand.”

“This partnership combines TMB’s unrivaled local market knowledge and reach with Prudential’s significant expertise in life, health...

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