German insurance coverage firm Allianz and Singapore’s Revenue Insurance coverage are at present in discussions relating to a possible partnership.
In a press release, Revenue Insurance coverage mentioned that it’s having talks with Allianz a few transaction involving the corporate’s shares.
Revenue Insurance coverage’s assertion a few potential tie-up follows a report by Bloomberg suggesting that Allianz is likely to be contemplating buying a stake in Revenue Insurance coverage or forming a partnership.
Individually, the Straits Instances, citing unnamed sources, revealed that an software for the partnership has been submitted to the Financial Authority of Singapore (MAS), which has requested extra data.
A spokesperson for the MAS declined to touch upon particular regulatory approvals when queried in regards to the proposed partnership’s standing.
Revenue Insurance coverage confused that the probability of a transaction occurring or a definitive or binding settlement being signed stays unsure.
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An Allianz spokesperson, as reported by the Straits Instances, mentioned: “Allianz stays dedicated to the Singapore market, and we’re not exiting Singapore.”
This growth follows studies from Bloomberg final month that Revenue Insurance coverage is looking for growth alternatives within the Asia-Pacific area, which can embody partnering with one other entity or promoting a stake.
In associated information from the Singapore insurance coverage sector, Oversea-Chinese language Banking Company has made a S$1.4bn ($1bn) provide to accumulate the remaining shares of Nice Japanese Holdings it doesn’t but personal.
Nonetheless, this takeover bid is going through resistance from Nice Japanese’s minority shareholders, who contemplate the provide to be undervalued.
