Thanachart Weighing Options on Insurance Business, Somjate Says

Thanachart Bank Pcl (TCAP), a unit of Thailand’s Thanachart Capital Pcl, is still considering options for the sale of its insurance businesses, President and Chief Executive Officer Somjate Moosirilert said.

The bank, partly owned by Canada’s Bank of Nova Scotia (BNS), is in talks with a number of investors, Somjate told reporters in Bangkok today. It’s still deciding whether to keep, sell or find partners for its insurance businesses, he said.

Thanachart Bank has three insurance units -- Thanachart Insurance Co., Thanachart Life Assurance Co. and Siam City Life Assurance Co., which it acquired during the merger with Siam City Bank Pcl.

The lender hired Citigroup to sell its insurance businesses for about $500 million, Reuters reported on March 16, citing unidentified people familiar with the matter.

To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net.

To contact the editor responsible for this story: Tony Jordan at tjordan3@bloomberg.net