(MENAFN) London-based life insurance firm Prudential plc is set to acquire Thailand's insurance firm Thanachart for USD590 million in cash, Reuters reported.
The deal will double Prudential's market share in the Kingdom, turning up the heat on rival AIA Group Ltd in the fast-growing Southeast Asian market.
The British company recently disclosed plans to open an office in Cambodia and AIA last month said it had agreed to buy ING's (ING.AS) Malaysian insurance unit for USD1.73 billion.
Prudential said the acquisition will help expand its regional footprint and boost its competition capability with dominant AIA.
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