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May 10, 2022

Affin Bank secures approval to dilute stake in insurance JV with AXA

Malaysia’s Affin Bank has secured the Minister of Finance’s approval to divest its equity stake in insurance joint ventures (JV) to Generali Asia.

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2022: So far In Venture Capital

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Affin plans to sell a 21% stake in AXA Affin Life Insurance (AALI) and approximately 2.95% equity interest in AXA Affin General Insurance (AAGI).

The bank currently owns 51% of the life insurer and 49.95% of the general insurer.

Affin said it will enter a share sale agreement with Generali Asia for its shares in AALI and AAGI, which is subject to remaining signing conditions.

In June 2021, Affin and Generali entered into an implementation agreement for the sale of stake in the insurance JV.

Additionally, Affin has agreed to merge the general insurance business of AAGI and MPI Generali Insurans (MPIG) under AAGI.  

As part of the merger, AAGI will acquire certain assets and liabilities of MPIG through a business transfer to create an enlarged firm (MergeCo), which is subject to approval from the authorities.

Following the merger, a new firm (Newco) will be set up to hold all the shares in AALI and the combined general insurance business.

The bank will have a 30% stake in Newco, while Generali will be controlling the remaining 70% stake in it.

Affin president & group CEO Datuk Wan Razly Abdullah Bin Wan Ali said: “We are pleased to have obtained BNM’s approval for the AALI and AAGI Disposals.

“We see synergistic growth opportunities for AAGI and AALI with this joint venture with Generali and the ability to enhance our financial solutions and products offerings to our customers through the future bancassurance partnership with Generali.”

This comes as Generali became a majority shareholder in its Indian property & casualty insurance JV.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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