Kasikornbank Pcl, Thailand’s second-biggest lender, has halted plans to sell a stake in its asset management business, according to people familiar with the matter.

Talks between Bangkok-based KBank and several bidders have stalled over terms of a potential deal, the people said, asking not to be identified because the discussions are private. France’s Amundi SA and buyout firms CVC Capital Partners and TPG Inc. were among suitors, Bloomberg News previously reported.

KBank has been weighing options including a minority or majority stake sale since last year to bolster its asset management platform. It was initially seeking a valuation of as much as $2 billion, people with knowledge of the matter have said.

No final decision has been made and some suitors remained interested at the right price, the people said. Spokespeople for Amundi, CVC and TPG declined to comment.

A KBank representative declined to comment, referring to a statement in January when it said asset management is one of its important businesses and it has discussions with many parties as part of its normal operations. The lender is always seeking new business opportunities and ways to benefit shareholders, it said at the time.

Shares of KBank were little changed on Friday in Bangkok. The stock has fallen about 8% this year, giving the lender a market value of about $9.5 billion. At the end of 2022, KBank’s asset management unit managed about 1.49 trillion baht ($44 billion), according to an investor presentation.

Amundi said last year that it expects to accumulate about €2 billion ($2.2 billion) in excess capital through 2025, which the asset manager intends to use for mergers and acquisitions or to return to shareholders through exceptional payouts.

--With assistance from Anuchit Nguyen.

(Adds KBank’s share move in sixth paragraph.)