Fortis, the Belgian-Dutch financial services group, announced that it will acquire a 30 percent stake in the insurance unit of Malaysia’s Maybank for $90 million.
The insurance holdings, chiefly Mayban Life Assurance and Mayban General Assurance, will be restructured and renamed Mayban Fortis Holdings.
“Fortis wants to expand its activities in Asia, thereby participating in the growth potential we foresee, particularly in the financial services sector,” Anton van Rossum, Fortis CEO, told the Financial Times.
Was this article valuable?
Here are more articles you may enjoy.