German insurer Allianz has confirmed that its bid to acquire the Malaysian property and casualty insurance arm of Bumiputra Commerce Holdings Berhad, Commerce Assurance Berhad, has been successful.
<p>The transaction underlines the commitment of Allianz to Malaysia and the Asia Pacific region as it will represent the second major direct foreign investment that Allianz has made in Malaysia in the past six years. <br /><br />The proposed acquisition is a significant step for Allianz in Malaysia and will make Allianz the second biggest player in the Malaysian P&C market, commented Alexander Ankel, CEO of Allianz General Insurance Malaysia (AGIM). <br /><br />We are confident that we will be the market leader in terms of products and services provided to customers and also as an employer. The intended acquisition will allow us to develop these strengths further by combining our global expertise with the local knowledge of Commerce Assurance Berhad (CAB), he continued.<br /><br />In addition to the proposed acquisition, the deal also involves a 10-year bancassurance agreement with CIMB Bank, Malaysia's second largest bank. <br /><br />The deal is subject to the approval of the appropriate Malaysian authorities.<br /></p>