Two Malaysian pension funds eye stakes in insurersOctober 6 2017 by InsuranceAsia News Staff
The two biggest pension funds in Malaysia are planning to meet to discuss the possibility of buying stakes in foreign-owned insurers in the country.
The plan comes at a time when the government is enforcing caps on overseas ownership.
The Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (Diperbadankan), known as KWAP, have asked for central bank approval to begin deal negotiations with potential targets, according to sources.
Each of these funds is considering acquiring a minority stake in one of the locally incorporated life insurance companies owned by overseas firms.
EPF and KWAP are said to be exploring possible deals with several parties before finally selecting which insurer to pursue detailed discussions with.
Prudential, Singapore’s Great Eastern and Japan’s Tokio Marine are reportedly among the firms wanting to offer stakes in their Malaysian units.
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