Affin Bank sells stake in AXA joint ventures

The Malaysian regulator recently gave the bank its approval for the sale.

Malaysian bank Affin Bank is now selling off its stakes in its insurance business joint ventures.

The Ministry of Finance recently gave the bank the green light to sell its 21% stake in AXA Affin Life Insurance (AALI) and its 2.95% stake in AXA Affin General Insurance (AAGI) to Generali Asia.

Affin Bank currently holds 51% of AALI and 49.95% of AAGI.

According to a stock exchange filing, Affin Bank said it will enter into a share sale agreement with Generali Asia for its shares in AALI and AAGI, subject to the satisfaction of the remaining signing conditions under the implementation agreement.

Generali and Affin agreed to take control of the joint ventures as well as buy out MPI Generali, its joint venture with Multi-Purpose Capital Holdings last June. AAGI will then merge with MPI Generali, expanding Generali’s business in Malaysia’s general insurance market.

Meanwhile, a new local company will be formed to hold the shares in AALI and the merged general insurance business. In this new company, Affin will hold 30% of the shares whilst Generali will be the majority stakeholder at 70%.

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