Dai-ichi Life Insurance eyes stake in Union KBC

Dai-ichi Life Insurance eyes stake in Union KBC | Insurance Business

Dai-ichi Life Insurance eyes stake in Union KBC
by Paul Lucas

One of the biggest names in Japanese financial services is on the acquisition trail once more.

According to a report by Business Standard, Dai-ichi Life Insurance has expressed an interest in buying a stake in Union KBC Asset Management with preliminary talks said to be under way.

The potential move comes just one month after Union Bank completed an acquisition of its own – snapping up a 49% shareholding in Union KBC AMC and Union KBC Trustee Company from Belgium-based KBC Participants. Now, both Union KBC Trustee Company and Union KBC Asset Management Company have become wholly-owned subsidiaries.

The companies have a history of working together with Union Bank already having a life insurance joint venture with Dai-ichi Life and Bank of India.

According to the report, Dai-ichi Life Insurance refused to comment on the potential deal while Union Bank did not respond to messages.

Union KBC AMC boasted assets under management of around Rs 4,000 crore as of June 30, 2016.

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