Tuesday, September 19, 2017

AIA, Manulife among bidders for SCB insurance arm

AIA and Manulife are joining the bidding to buy the life insurance arm of Thailand’s Siam Commercial Bank.

If consummated, the deal is likely to be tagged the biggest ever acquisition of a South-East Asian insurer, according to reports that say the acquisition could rake in at least US$3 billion.

Apart from the two insurers, Thai billionaire Charoen Sirivadhanabhakdi is partnering with Singapore’s Great Eastern Holdings on a non-binding offer, while Hong Kong tycoon Richard Li’s FWD Group and Prudential have also expressed interest in joining the bid fray.

Sources said a shortlist of the participating bidders is expected to be out by next month.

The bidding will come after Siam Commercial signified its intention to sell a stake in its insurance operations, as well as granting access to sell insurance products through its branches.

It is currently the third largest player in Thailand’s banking industry.

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