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Generali Asia completes stake in MPCHB unit.

Global Banking News-May 11, 2015--Generali Asia completes stake in MPCHB unit

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Global Banking News - 11 May 2015

Italy-based insurer Generali Asia (BIT.G) has announced that it has completed the acquisition of Multi-Purpose Insurance, a part of Multi-Purpose Capital (MPCHB).

The Italian insurer acquired a stake of 49 percent in the unit for MYR355.80m. The firm can also acquire up to 21 percent in MPIB within two years.

MPHB Capital managing director, Tan Sri Dato' Surin Upatkoon, said, 'By partnering one of the world's largest insurance companies, MPIB is better positioned to continue offering its customers the assurance of reliability. The partnership combines the global insurer's 188-year-old legacy of stability, solidity and reputation with MPIB's multi-purpose approach to actively creating and enhancing values in people's lives and businesses.'

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Publication:Global Banking News (GBN)
Geographic Code:90ASI
Date:May 11, 2015
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