July 1, 2019 / 5:49 AM / 3 months ago

Thai Siam Commercial Bank to sell insurance unit to FWD for $3 bln

BANGKOK, July 1 (Reuters) - Thailand’s largest lender, Siam Commercial Bank Pcl (SCB), is selling its life assurance business to Hong Kong-based insurer FWD Group for 92.7 billion Thai baht ($3 billion), marking the largest insurance M&A deal in Southeast Asia.

“Under this arrangement, SCB will distribute FWD’s life insurance products to the bank’s customers in Thailand, leveraging the bank’s distribution channels for a period of 15 years,” both companies said in a joint statement on Monday. “SCB will receive a total deal amount of 92.7 billion baht along with additional payments common in bancassurance transactions over the course of the bancassurance partnership,” the statement said. ($1 = 30.5300 baht) (Reporting by Chayut Setboonsarng; Editing by Anshuman Daga and Muralikumar Anantharaman)

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