CVC Capital-led group to buy 50% stake in Krungsri’s MFI arm

CVC Capital Partners Asia Fund IV and Equity Partners Limited have agreed to acquire a 50 per cent stake in Ngern Tid Lor Co Ltd (NTL), the microfinance subsidiary of Thailand’s fifth-largest bank Krungsri (Bank of Ayudhya), for an undisclosed amount, according to a statement issued by the bank on Monday.

NTL, acquired by Krungsri in 2009, is a privately-held title loan operator. It expects the latest investment to boost its capabilities to provide affordable credit and insurance solutions to the underbanked and self-employed population in Thailand.

“Our new shareholders bring with them a combination of global expertise and local strength. We hope to benefit from new technologies, operational best practices and business development opportunities to help us better serve Thailand’s long-tail segment,” Piyasak Ukritnukun, Managing Director of NTL, said in a statement.

The bank said NTL operated 750 branches across 74 provinces and had an outstanding loan portfolio of 24.6 billion baht ($744.14 million) at the end of 2017.

Krungsri appointed ING Bank N.V. as the exclusive financial advisor on this transaction, which is subject to satisfactory completion of conditions precedent and regulatory filings.

DEALSTREETASIA reported last month that CVC Capital Partners is seeking up to $5 billion for its fifth Asia fund and expects to hit the first close by the first quarter of 2019. Its predecessor, CVC Asia Fund IV, raised $3.5 billion in May 2014 and is believed to be around 70 per cent deployed.

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Exclusive: CVC Capital Partners to hit first close for fifth Asia fund by Q1 2019

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.