Malaysia: BIMB said to consider sale of stake in Syarikat Takaful

Source: Middle East Insurance Review | Jun 2017

BIMB Holdings, the parent company of Malaysia’s oldest Islamic bank, is considering a sale of a stake in its listed insurance unit amid a strategic review of its businesses, reported Bloomberg citing people with knowledge of the matter.

The lender has reached out to banks to advise on its 60% holding in Syarikat Takaful Malaysia, which has a market value of about US$755 million, said the people, who asked not to be identified because the process is private.

Meanwhile, Malaysia’s central bank is reviewing caps on foreign ownership of insurers as it seeks to boost local participation in the industry, people familiar with the matter said last month. Strict application of existing policy would require overseas firms owning 100% of local insurers to cut their stakes to no more than 70%. M

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