PhillipCapital said Friday that it has closed its buy of Thailand-based life insurer Finansa Life Assurance Co Ltd. No financial terms were disclosed. Finansa’s name was officially changed to Phillip Life, effective March 13, 2014.
Thailand (PRWEB) March 28, 2014
The PhillipCapital Group (“PhillipCapital” or the “Group”) is pleased to announce the completion of the acquisition of Finansa Life Assurance Co Ltd, one of the 25 licensed life insurance companies in Thailand. The company’s name has been officially changed to Phillip Life Assurance Public Company Limited (“Phillip Life”) with effect from 13 March 2014. Through a series of capital injections, PhillipCapital now owns 98% of Phillip Life.
Mr Lim Hua Min, Chairman of the Group, said, “We are very excited with the new acquisition. We see tremendous growth potential in the life insurance business in Thailand. The acquisition allows PhillipCapital to offer a complete suite of financial products to serve our clients in their different phases of their lives – from saving to protection and finally wealth management. We are confident of the economic potential of Thailand and the Indo-China region in general.”
The acquisition is strategic to PhillipCapital as there are significant synergies that can be harnessed from its different businesses in Thailand. The Group plans to increase its presence its presence in the country through organic and acquisition growth as well as through strategic alliances.
PhillipCapital first invested in Thailand in early 1990s in a joint venture with Bank of Ayudhya Public Company Limited through IFS Capital Thailand. The latter is now listed on the Securities Exchange of Thailand and the Group remains as a major shareholder. PhillipCapital later acquired Phillip Securities (Thailand) Public Co Ltd in 1998 and the company is the first stockbroking firm in Thailand to offer its clients desktop and mobile stock trading through POEMS – its online trading platform. With the addition of Phillip Life to the family, PhillipCapital has made further inroad into the country.
The Group currently operates in 16 countries across the world, offering a wide range of financial products and services to its customers. In line with PhillipCapital’s overall strategy to strengthen its footprint in the Indo-China region, the Group has also invested in micro-finance and banking businesses in Cambodia over the last five years.