Deals
Malaysian Pension Giants Are Said to Seek Insurer Deal Talks
- Employees Provident Fund, KWAP seek approval for negotiations
- Central bank enforcing foreign ownership cap in industry
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Malaysia’s two biggest pension funds, which manage a combined $203 billion, plan to pursue talks to buy stakes in foreign-owned insurers in the country as the government enforces caps on overseas ownership, people with knowledge of the matter said.
Employees Provident Fund and Kumpulan Wang Persaraan (Diperbadankan), known as KWAP, have requested central bank approval to start deal negotiations with potential targets, according to the people. They are each considering acquiring a minority stake in one of the locally incorporated life insurance companies owned by overseas firms, the people said, asking not to be identified because the information is private.