Kasikornbank (KBank) Public Company Limited, Thailand’s second-biggest lender, has halted plans to sell a stake in its asset management business, according to people familiar with the matter.
Shares of KBank were little changed on Friday in Bangkok. The stock has fallen about 8% this year, giving the lender a market value of about $9.5 billion. At the end of 2022, KBank’s asset management unit managed about 1.49 trillion baht ($44 billion), according to an investor presentation. Amundi said last year that it expects to accumulate about €2 billion ($2.2 billion) in excess capital through 2025, which the asset manager intends to use for mergers and acquisitions or to return to shareholders through exceptional payouts.
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