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Article: Bigger stake
- Article from:
- New Straits Times
- Article date:
- December 1, 2008
- Author:
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Rupinder Singh
New Straits Times
12-01-2008
Bigger stake
Byline: Rupinder Singh
Edition: Main/Lifestyle
Section: Business Times
Type: News
BANK Negara Malaysia has offered to relax ownership rules for selected foreign financial firms as it seeks to encourage mergers in the local insurance industry.
These foreign institutions are allowed to hold up to a 75 per cent stake in local insurers from the maximum 49 per cent currently, industry sources said.
But there's a catch. They will have to buy one or more smaller general insurance companies to qualify for the controlling stake.
It is learnt that at least two companies, Primus Pacific Partners (HK) Ltd and a European-backed composite insurer ...