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The Affin Bank Group is a financial services conglomerate. The Group's activities focus on commercial, Islamic and investment banking services, money broking and underwriting of life and general insurance business.
|
Type |
Announcement |
| Subject | AFFIN HOLDINGS BERHAD ("AFFIN" ) - PROPOSED ACQUISITION OF LIFE INSURANCE BUSINESS OF TAHAN INSURANCE MALAYSIA BERHAD ("PROPOSED ACQUISITION") - PROPOSED JOINT VENTURE BETWEEN AFFIN AND NATIONAL MUTUAL INTERNATIONAL PTY LTD ("NMI"), A WHOLLY-OWNED SUBSIDIARY OF AXA ASIA PACIFIC HOLDINGS LIMITED, IN RELATION TO THE PROPOSED ACQUISITION OF THE LIFE INSURANCE BUSINESS OF TAHAN INSURANCE MALAYSIA BERHAD |
The Board of Directors of AFFIN is pleased to announce that with the issuance of the licence by the Ministry of Finance on 30 June 2006 for AXA AFFIN Life Insurance Berhad (“AXA AFFIN Life”) to carry on life insurance business, all the conditions precedent in the conditional business transfer agreement entered into by AFFIN, NMI and Tahan Insurance Malaysia Berhad (“Tahan”) dated 18 November 2005 have been fulfilled and the Proposed Acquisition is thus deemed completed on 30 June 2006.
Consequently, the life insurance business of Tahan is transferred to AXA AFFIN Life and AXA AFFIN Life will be able to offer its life insurance products and services effective from 30 June 2006.
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 3 Jul 2006 |
| Category | General Announcement |
| Reference No | CC-060630-59441 |
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