Market analysts said this is one of the largest acquisitions that Japanese companies have made in recent years, and the first acquisition oversea of Japanese company in 2007.
Bao Minh CMG, the fifth largest life insurer in Vietnam, is a, equally-shared joint-venture between Vietnam’s Bao Minh insurance company and the CMG of the Australia’s Commonwealth Bank Group. The joint-venture was established in 1999.
Dai-ichi Mutual Life Insurance, established in 1902, is the oldest mutual insurer in Japan and the second largest life insurer in Japan (only after the Nippon Insurance) with total assets over $276 billion in 2006.
An internal source said the Dai-ichi will rename Bao Minh CMG to Dai-ichi Mutual Life Insurance Vietnam. The terms and condition of the deal have not been disclosed.
However, the acquisition will have to wait for approval from the Vietnam’s Ministry of Finance. Read More
for detailed price charts.
0 comments:
Post a Comment