Tuesday, September 19, 2017

Thanahart and MBK form joint venture

Thailand’s sixth largest lender, Thanachart Bank, and listed shopping mall and property developer MBK have agreed to form a joint venture firm that will operate as a life and non-life insurance broker.

The JV company, TM Broker, will have a registered capital of Bt20 million (US$567,000).

According to Thanachart Capital (TCAP), a major shareholder in Thanachart Bank, TM Broker will provide more choices of life and non-life policies to customers in Thailand and generate more income for the company.

TCAP CEO Suphadej Poonpipat said TCAP will hold 51% and MBK 49% in the JV firm.

In Q1 of this year, Thanacart Group’s net profit amounted to Bt2.815, a 5.04% rise from the same period last year.

The net profit rise was partly attributed to an increase in life insurance provision of TCAP’s subsidiary Siam City Life Assurance which provides life insurance services including ordinary life and group life cover, and health protection.

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