Thailand’s Siam Commercial Bank (SCB) has agreed to sell its entire stake in SCB Life Assurance to Hong Kong-based FWD. The bank has also concurrently entered a long-term bancassurance partnership with the Asian insurance giant.
The transaction is worth THB92.7 billion (around US$3 billion), with additional payments from the bancassurance partnership, which will last for 15 years. It is expected to complete within the second half of 2019, pending shareholder and regulatory approvals.
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