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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