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NEWS UPDATES 23 May 2009

Japanese firm in tie-up with Malaysia’s Hong Leong Group

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Japanese firm in tie-up with Malaysia’s Hong Leong Group
Mitsui Sumitomo Insurance Co is negotiating with Malaysia's Hong Leong Financial Group Bhd to integrate the companies' nonlife operations in the Malaysian market, the Nikkei business daily said without citing sources, reported Reuters.

The Japanese insurer plans to take a stake in the insurance operations of Hong Leong, with the size of the interest and other details to be fleshed out later, the paper said.

The Malaysian group's nonlife segment would be spun off for an integration with Mitsui Sumitomo's local unit in Malaysia, Nikkei said.

According to the story, Mitsui Sumitomo also plans to forge a partnership with the Hong Leong's banking arm in sales of insurance products.

With the Japanese nonlife insurance market shrinking, Mitsui Sumitomo is seeking to expand its overseas operations by establishing alliances with counterparts in emerging nations, the paper said.










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