Sources familiar with the development were quoted by Reuters as saying that the deal is expected to be valued at nearly $600m for Siam, based on SCB Life’s current market value of $2.4bn.

A source said that Siam is negotiating with Japanese insurers to offload the stake in SCB Life.

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Siam owns 94.7% interest in SCB Life. Its planned sale comes three years of its acquisition of New York Life from a life insurance joint venture for $262m.

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