CIMB-Principal Asset Management in Thailand, part of Malaysia’s CIMB, has agreed to acquire Finansa Asset Management Thailand for just over $7 million as it seeks to bolster its market reach.

CIMB-Principal Asset Management in Thailand, part of Malaysia’s CIMB, has agreed to acquire Finansa Asset Management Thailand for just over $7 million as it seeks to bolster its market reach in the region, media reports said.

WealthBriefingAsia has contacted CIMB for further details; it was unable to see details on the firm’s website at the time of writing.  

The purchase price is subjected to the condition in the agreement and final settlement, reports said.

"Thailand is a core market for our ASEAN franchise and this acquisition underscores our commitment to continue to grow our presence here," said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group, at the press conference.

As of June this year, total asset under management of CIMB-Principal stood at Bt34.05 billion ($1.06 billion); the deal with expand this to Bt70.35 billion.