Malaysia’s RHB Bank to sell general insurance arm to Tokio Marine Asia by Q1 2020
RHB Bank, Malaysia’s fourth-biggest bank, will sell 94.7% of its general insurance arm RHB Insurance Bhd to Japan’s Tokio Marine Asia Pte Ltd by Q1 2020. The central bank of Malaysia has granted its permission for initiation of the talks, but a deal would require the approval of both the c-bank and the finance ministry.
The expected timeline includes the currently ongoing due diligence of the insurance unit by the buyer, completion of discussions by end-October and a submission of the deal to the c-bank in November. RHB Insurance had a book value of RM 574mn as at end-2018 and was the tenth-largest insurer in the country with a 4.4% market share.Original source: The Malaysian Reserve