Wong & Partners, the Malaysian member firm of Baker & McKenzie International, has advised American International Assurance Company, Limited, a wholly owned subsidiary of AIA Group Limited (AIA) on the USD1.8 billion acquisition of ING Groep N.V’s (ING) Malaysian insurance and Takaful business. The purchase includes ING’s life-insurance and employee-benefits businesses in Malaysia and a 60 percent stake in ING Public Takaful Ehsan Berhad, a Takaful business. The acquisition will combine ING’s Malaysian operations and AIA’s existing Malaysian business, currently the third and the fourth largest in Malaysia respectively, to create the largest life insurer in the country. AIA’s market share will double to 25 percent in Malaysia, one of Southeast Asia’s most attractive and fastest growing life assurance markets. Partner Brian Chia led the team and was assisted by associates Stephanie Phua and Serene Kan.
Brian Chia, who heads the Firm’s corporate and commercial practice in Malaysia, said of their involvement in this matter: “It was a pleasure working with the AIA team particularly on this matter, which we believe will help to cement AIA’s position as a heavyweight in an industry that is slowly but surely becoming more robust and resilient.”
ING Malaysia is the third largest insurer in Malaysia, serving more than 1.6 million customers and offering a suite of products including life, general, employee benefits as well as Takaful insurance products through a joint venture.
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