FRIDAY, March 29, 2024
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SCB signs deal to sell FWD insurance products

SCB signs deal to sell FWD insurance products

Siam Commercial Bank Plc (SCB) has signed a deal to sell its insurance business, SCB Life Assurance Plc, to FWD Group Financial Services Plc (FWD) for Bt92.7 billion.





SCB also informed the Stock Exchange of Thailand on Monday morning about the binding share sale agreement, under which SCB will sell FWD life insurance products to its banking customers for 15 years.
Those holding policies with SCB Life will not be affected by the transfer of ownership and will continue receiving protection, benefits and services in line with the terms of their policy, said Ronald Arculli, chairman of FWD Group’s board. 
“The bancassurance business remains a key long-term strategic priority for us. This partnership with FWD will help create a significant long-term value for our customers, shareholders, employees and other key stakeholders,” SCB’s chief executive officer Arthid Nanthawithaya said. 
Established in Asia in 2013, FWD is the insurance arm of the Pacific Century Group and it entered Thailand in February 2013 with the acquisition of ING.

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