Allianz announced a deepening of its partnership with Thailand's Sri Ayudhya Capital PCL creating an enhanced insurance franchise in the country.
Global and local private banks have been bulking up in Bangkok as Thai wealth grows now insurance giant Allianz is upping its offering in the fast growing economy.
Allianz and Sri Ayudhya Capital PCL (AYUD), a Thailand-listed investment holding company, announced both companies will enter into strategic transactions to strengthen their partnership across life and general insurance businesses. The move effectively creates an enhanced insurance franchise with expanded scale and competitiveness in Thailand.
Thailand's Growing Affluent
Under the terms of the agreements, 100 percent of the business of Allianz General Insurance will be transferred to Sri Ayudhya General Insurance, a subsidiary of AYUD, and operated as a single entity, paving the way for Allianz and AYUD to create a stronger insurance franchise in Thailand, the firms said in a press release.
In view of the extended partnership Sri Ayudhya Capital PCL will be renamed «Allianz Ayudhya Capital PCL,» upon closing of the transaction. It will continue to trade on the Stock Exchange of Thailand under the “AYUD” ticker.
In 2016 Switzerland's second largest lender Credit Suisse made a bold move into the Thai market setting up with a dedicated client relationship coverage team in Bangkok. Fellow Swiss wealth manager Lombard Odier has a strategic agreement with Kasikornbank, the country's fourth largest, to manage global investment funds on behalf of Kasikornbank’s private clients.
