JavaScript is off. Please enable to view full site.

Sumitomo Life nears agreement to buy HSBC's 18 pct stake in Bao Viet: source

Sumitomo Life nears agreement to buy HSBC's 18 pct stake in Bao Viet: source

Tuesday, December 18, 2012, 14:34 GMT+7

TOKYO – Japan's Sumitomo Life Insurance Co is close to agreeing to buy HSBC Holding's 18 percent stake in its Vietnam insurance business for about 30 billion yen (US$360 million), a source familiar with the matter said on Tuesday.

Sumitomo Life, one of Japan's top four life insurers, and HSBC are likely to agree on the deal to buy the stake in Bao Viet by the end of this week, said the source, who declined to be identified.

A Sumitomo Life spokesman declined to comment.

Faced with weak growth at home, Japanese life insurers are stepping up their overseas expansion efforts with a particular focus on Southeast Asia.

Reuters this month reported that Japan's Dai-ichi Life Insurance Co Ltd and Fukoku Mutual Life Insurance Co were among companies shortlisted to buy a minority stake in Indonesia's Panin Life for about $200 million.

In May, Meiji Yasuda Life Insurance said it agreed to raise its stake in PT Avrist Assurance of Indonesia to 23 percent from 5 percent.



Read more




Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Latest news