Financial services giant Citigroup unveiled a partnership with Taiwan’s Fubon Group on Saturday that will be essential to both entities expansion plans in Asia.
Citigroup will invest $750 million to acquire 15 percent of five Fubon companies: Fubon Insurance Co., Fubon Commercial Bank, Fubon Securities Co., Fubon Life Insurance and Fubon Asset Management.
“This partnership creates a venture positioned for leadership and growth in one of Asia’s most attractive markets, linking our own local presence and global capabilities with Fubon,” said Sanford Weill, Citigroup chairman and CEO.
Citigroup and Fubon have agreed to structure equal partnerships to pursue expansion of both property and casualty and life products. Fubons’ life and property/casualty units are expected to work very closely with Travelers to identify new products and technologies.
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