AIG, China Strategic Holdings extend deadline for unit deal
US insurance giant American International Group (AIG) and a Hong Kong consortium said Monday they had agreed to extend the deadline for a deal involving AIG’s Taiwan subsidiary. Hong Kong-based China Strategic Holdings and Primus Financial Holdings in October agreed to acquire AIG’s Taiwan unit Nan Shan Life for 2.15 billion US dollars, pending approval from Taiwan’s financial regulator. But the deal has been in limbo since November, when China Strategic announced a plan to sell a 30 percent stake in Nan Shan to the Taipei-based... Lire la suite
Malaysia issues licences to five foreign banks
Malaysia has issued commercial banking licences to five foreign banks, including French giant BNP Paribas, the country’s central bank announced Thursday. The move came as part of government efforts announced in April last year to liberalise the financial sector, allowing nine new banking and insurance licences and easing foreign ownership limits for non-commercial banks. As well as BNP Paribas, the banks that have been issued licences are Indonesia’s PT Bank Mandiri (Persero), the National Bank of Abu Dhabi, and Japan’s Mizuho... Lire la suite
Prudential’s Thiam vows to regain trust after AIA failure
Under-fire Prudential chief executive Tidjane Thiam apologised to shareholders on Monday for the failed takeover of US insurance giant AIG’s Asian unit AIA and vowed to work to regain their trust. Thiam told the British insurance company’s annual general meeting that the collapse of the ambitious 35.5-billion-dollar (30-billion-euro) bid last week had caused “significant strains” for shareholders.”I deeply regret this,” he said. “I will have the task to restore your confidence.” Thiam and chairman... Lire la suite
Swiss insurer Zurich takes foothold in Indonesia
Swiss insurer Zurich Financial Services said on Monday it had gained a foothold in Indonesia’s fast growing life insurance market with an agreement to buy 80 percent of Indonesian firm PT Mayapada Life The Swiss group said the acquisition would mark the first step in its expansion plans in Indonesia — one of the world’s most populous nations with some 240 million inhabitants — and a building block for business growth in Asia. Mayapada’s eponymous parent group will continue to hold 20 percent of the company, Zurich said... Lire la suite
India plans 11 billion dollar infrastructure fund, 4.4 from insurance
India aims to create an 11-billion-dollar fund to overhaul its creaking infrastructure, with 40 percent of the money sourced from abroad, a report said Friday. The government wants to raise 4.4 billion dollars from foreign pension, insurance and sovereign wealth funds and the rest from domestic institutions, the Economic Times newspaper said. The emerging market giant of 1.2 billion people needs to rapidly boost its urban infrastructure spending to catch up with neighbouring China and other countries and to ease its chronic poverty problems, economists... Lire la suite
