Taiwan's CTBC to buy Manulife's local asset - source

Wed Jul 31, 2013 3:37am EDT
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TAIPEI, July 31 (Reuters) - CTBC Financial Holding Co Ltd , the parent of Taiwan's top credit card issuer, will acquire the local insurance unit of Manulife Financial Corp for less than T$1 billion ($33 million), said a source with direct knowledge of the deal on Wednesday.

The deal marks the latest exit by a global financial company of the island's crowded life insurance market. AIG and New York Life are among those that have left the Taiwan market in recent years.

CTBC will hold a press conference later to give further details.