• Most Popular
  • Most Shared

BNP forms $60 mln insurance tie-up in Taiwan

Mon Jan 12, 2009 11:51pm EST

Stocks

   

TAIPEI, Jan 13 (Reuters) - BNP Paribas SA (BNPP.PA) announced on Tuesday a formation of a T$2 billion ($60 million) insurance tie-up with Taiwan Cooperative Bank (5854.TW), aiming to tap one of Asia's top insurance markets.

Stocks  |  Mergers & Acquisitions

BNP Paribas Assurance, part of the French bank, will hold a 49 percent stake in the joint venture while its Taiwan counterpart takes the rest, the Taiwan bank said in a statement.

BNP is entering the market when ING (ING.AS) recently sold its Taiwan insurance business to Fubon Financial (2881.TW), and AIG (AIG.N), the troubled U.S. insurer, is trying to sell its Taiwan business, Nan Shan Life, sources have said. ($1=33.2 Taiwan Dollar) (Reporting by Faith Hung, Editing by Jacqueline Wong)

Stocks
Mergers & Acquisitions


More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

» More Top News
Chairman of the Federal Reserve Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington July 22, 2009. REUTERS/Kevin Lamarque
John Kemp:

The Fed needs a new storyline

It's irrelevant whether the Fed sells its assets back to the market. What matters is whether and when it's prepared to raise rates.  Commentary 

Economy
A Greek flag at the Bank of Greece is seen near a statue of ancient philosopher Socrates in Athens February 5, 2010. REUTERS/Yiorgos Karahalis

Avoiding "another Greece"

Don't count on the euro zone growing anytime soon. Getting into the single-currency club will be tougher than ever.  Full Article 

Global Markets