German insurer and asset manager Allianz SE has completed the acquisition of a 19.21 per cent stake in Thailand’s Sri Ayudhya Capital (AYUD) to become its largest shareholder.
On Tuesday, AYUD informed the Stock Exchange of Thailand that Allianz had made a tender offer to buy 56.93 million shares at 53.32 baht each, totalling 3.04 billion baht ($95 million).
As part of the deal, AYUD will be renamed Allianz Ayudhya Capital Pcl and its subsidiary Sri Ayudhya General Insurance will be renamed Allianz Ayudhya General Insurance Pcl.
“The closer relationship between both businesses will increase collaboration and expertise, and deliver an improved customer proposition in the country. These moves reflect the strategic efforts we are making across Asia and we look ahead with confidence,” Allianz Asia Pacific’s deputy regional CEO Solmaz Altin said in a statement.
Under the new structure, Bryan Smith has been appointed as the President and CEO of Allianz Ayudhya Capital and Country Manager of Allianz Thailand, overseeing the overall business in Thailand. He also remains President and CEO of Allianz Ayudhya Assurance while Lars Heibutzki has been named the President and CEO of Allianz Ayudhya General Insurance.
“The expanded partnership is a huge win for local customers and secures Allianz’s future growth in Thailand. We are now in a stronger position to deliver more comprehensive protection solutions under the Allianz Ayudhya banner. Today is a game changer for local customers and the insurance sector in Thailand,” said Smith.