FWD to renew bancassurance deal with TMB BankJuly 12 2017 by InsuranceAsia News Staff
FWD Group is reportedly set to announce as soon as this week the renewal of a 15-year agreement to sell FWD life insurance products through TMB Bank’s branch network in Thailand.
FWD Group, owned by Hong Kong tycoon Richard Li, the youngest son of Li Ka-shing, is likely to renew its bancassurance deal with TMB Bank after negotiations to acquire the life insurance operations of Siam Commercial Bank (SCB) fell apart due to differences over valuation.
FWD has not issued an official statement about its bancassurance deal with TMB Bank, but sources quoted by Bloomberg said the renewed bancassurance deal could fetch at least US$500 million.
TMB Bank is part-owned by ING. The Thai finance ministry also owns about 25% of the bank.
The bank earlier appointed Bank of America to help negotiate the bancassurance agreement.
- July 4
The agreement was signed in time for the inauguration of Amret’s new headquarters in Phnom Penh.
- June 25
Vietcombank is looking for a new insurance distribution partner in a deal that could be worth as much as US$1bn.
- June 22
The agreement with Sathapana Bank was signed at a ceremony attended by the finance ministry and central bank.
- June 15
The two institutions have forged a bancassurance partnership, initially covering parts of Europe and Australia.