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30 Sep 2019, Natalia Yanakieva, Head of Industry Research, EMIS

France’s AXA, Malaysia’s Affin Bank seek buyer for USD 650mn insurance JV sale

France’s AXA Insurance and Malaysia’s Affin Bank Bhd are considering selling their insurance JV — AXA Affin Insurance – for USD 650mn, Bloomberg reported quoting sources with knowledge of the matter.

Affin Bank Bhd has a 49.9% stake in AXA Affin General Insurance, and a 51% stake in AXA Affin Life Insurance. The French insurer anticipates to get USD 500mn from the deal, while the Kuala Lumpur-based bank will get the remaining USD 150mn.

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Original source: The Edge Financial Daily