Kasikornbank halts plans to sell stake in asset management business

Kasikornbank (KBank) Public Company Limited, the second-largest lender in Thailand, has put the plans to sell a share in its asset management business on hold, according to individuals familiar with the situation.

Negotiations between KBank, based in Bangkok, and several prospective buyers have reached an impasse due to disagreements on terms of a potential agreement, said those familiar with the matter, who requested anonymity due to the private nature of the discussions. Previously reported by Bloomberg News, Amundi SA of France, and buyout companies CVC Capital Partners and TPG Inc. were among the interested parties.

Since last year, KBank has been considering options like selling a minority or majority stake in order to strengthen its asset management platform. The bank initially aimed for a valuation of up to US$2 billion, according to…