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%.

You may also like:

Generali buys 25% stake in Indian insurance JV from embattled Future Group

Manulife taps ex-Munich Re managing director as Asia chief risk officer

EXCLUSIVE: Why embedded insurance is cutting out the middleman

Follow the links for more news on

Affin Bank

Generali

AXA JV Share Sale

Also Read

Over 1.12 billion in China receive health e-certificates

Malaysia’s general Takaful payouts up 24.4% in responsiveness

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit