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Business deals

Hong Kong group FWD buys Thai bank Siam's insurance business

Battle for Southeast Asia life insurance market intensifies with $3bn deal

A Siam Commercial Bank branch in Bangkok: The Thai lender's network offers Hong Kong-based FWD Group a base to expand its insurance business.   © Reuters

BANGKOK -- Siam Commercial Bank, Thailand's largest lender by assets, has agreed to sell its life insurance business to a Hong Kong-based FWD Group Financial Services after nearly four months of negotiations.

SCB's chief executive Arthid Nanthawithaya said during the signing ceremony in Bangkok on Monday that the deal is worth 92.7 billion baht ($3 billion), which makes it the biggest ever acquisition in Southeast Asia's insurance sector.

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