FWD in talks to buy SCB life insurance unitApril 20 2017 by InsuranceAsia News Staff
Siam Commercial Bank (SCB), Thailand’s third-biggest lender, is reportedly in talks to sell its life insurance unit, SCB Life Assurance, to Hong Kong insurer FWD Group.
Sources quoted by Reuters said the bank is in exclusive talks with FWD, owned by Hong Kong tycoon Richard Li, in a deal that could raise US$3 billion for Thailand’s first bank.
The deal would also become the largest insurance M&A transaction in South-East Asia and the biggest in Asia since August 2016, when two insurance firms in India merged in a US$3.2 billion deal.
The report stressed that SCB will reach out to other bidders should its negotiations with the FWD Group not push through.
Among those who expressed interest in SCB’s insurance unit are Hong Kong-based AIA Group, Manulife Financial Corp, and Prudential Plc.
FWD Group and SCB have not issued official statements regarding the reported exclusive negotiations.
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