July 31, 2013 / 7:42 AM / in 4 years

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

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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below