FWD Group Holdings Ltd., the Pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has agreed to acquire a majority stake in Gibraltar’s BSN Life Bhd.
FWD, along with a group of investors, will buy a 70 percent stake in Gibraltar BSN from a subsidiary of New York-listed Prudential Financial Inc., according to a statement Monday. The transaction will enable FWD to enter the Malaysian life insurance market. Bank Simpanan National Bhd. will continue to hold the remaining 30%.
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