June 28, 2018 / 8:39 AM / 8 months ago

Malaysia central bank says foreign insurers' divestment plans at advanced stages

A general view of the headquarters of Malaysia's central bank, Bank Negara Malaysia, in Kuala Lumpur January 29, 2013. REUTERS/Bazuki Muhammad/File Photo

KUALA LUMPUR (Reuters) - Malaysia’s central bank on Thursday said foreign insurers’ plans to divest stakes to comply with a local rule on ownership are at advanced stages.

Bank Negara Malaysia issued a directive last year saying it would enforce its 2009 rule setting a 70 percent cap on foreign ownership of local insurance businesses. The deadline was set for June 30.

In an emailed statement to Reuters, Bank Negara said Nor Shamsiah Mohd Yunus, set to take over as governor on July 1, will be briefed on the plans.

“Bank Negara Malaysia will continue to engage the insurers on their plans thereafter,” the central bank said.

Reporting by A. Ananthalakshmi; Editing by Richard Borsuk

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