SCB to sell over 99% of SCB Life stake to FWD Group
The Siam Commercial Bank's extraordinary general meeting of shareholders on Tuesday approved the sale of the bank’s 65,949,620 ordinary shares in SCB Life Assurance Plc (SCB Life), representing 99.17 per cent of the total issued shares in the capital of SCB Life to FWD Group Financial Service and/or its affiliates.
Upon successful completion of this transaction, SCB and SCB Life will enter into a long-term distribution agreement forming a business collaboration in the life-insurance business.
SCB will also offer life-insurance products of FWD to SCB customers in Thailand via SCB distribution channels for a period of 15 years according to the terms of distribution agreement.
