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Pakistan's PICIC Insurance to merge with Crescent Star.

Global Banking News-April 7, 2016--Pakistan's PICIC Insurance to merge with Crescent Star

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Global Banking News - 07 April 2016

Pakistan-based PICIC Insurance is to merge with Crescent Star Insurance.

The deal is subject to regulatory approval and is not yet confirmed. Crescent Star Insurance said, 'Our board of directors has authorised the CEO of the company to sign an MoU for due diligence of PICIC Insurance, which may lead to possible merger of PICIC Insurance with Crescent Star Insurance.'

PICIC Insurance and Crescent Star Insurance are among the smaller players in the country's non-life insurance industry and have assets valued at less than PKR1bn.

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Publication:Global Banking News (GBN)
Geographic Code:9PAKI
Date:Apr 7, 2016
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