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Asia-Pacific financial institutions M&A interest tracker

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Asia-Pacific financial institutions M&A interest tracker

This tracker covers possible deals reported by media across the Asia-Pacific region over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month's report.

Several Asia-Pacific financial companies, including Prudential Financial Inc.'s Prudential Life Insurance Co. of Korea Ltd. and the Chinese government-owned Dajia Insurance Group Co. Ltd., were reportedly put on the auction block in November, adding to the buzz about potential deals in the region.

U.S.-based Prudential Financial hired Goldman Sachs as lead manager for the proposed sale of its South Korean subsidiary as it seeks to exit the market after 30 years of operations, Reuters reported, citing the Korea Economic Daily. South Korean banks KB Financial Group Inc. and Woori Financial Group Inc., as well as private equity funds, are said to be among the potential buyers for the insurer. The deal could amount to about 2 trillion won.

Meanwhile, the Chinese government is looking to sell all or part of its 98% stake in Dajia Insurance, which was set up to hold the assets of Anbang Insurance Group Co. Ltd., the Financial Times reported. The government is reportedly in early talks with investors for a sale although the price for the insurer is still unknown.

Below is a snapshot of November reports of possible deals compiled by S&P Global Market Intelligence.

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In addition to Dajia Insurance, the Chinese government is seeking to sell Anbang Insurance's stake in China Zheshang Bank Co. Ltd. for 6.9 billion yuan, Caixin reported. The China Banking and Insurance Regulatory Commission placed 1.347 billion shares of the Hong Kong-listed bank for sale on the Shanghai United Assets and Equity Exchange. The shares are priced at 5.1 yuan per share, with the listing set to close Dec. 2.

The stake sale is part of the government's plan to sell Anbang Insurance's assets. The government took over the insurer in 2018.

Elsewhere in the region, Singapore-headquartered Asia Capital Re is in late-stage talks to be sold to either Enstar Group Ltd. or Catalina Holdings (Bermuda) Ltd., The Insurance Insider reported. A deal would likely value the Asian reinsurer at a slight discount to its roughly $840 million book value.

In India, IDBI Bank Ltd. plans to sell its entire stake in IDBI Asset Management Ltd. and IDBI Mutual Fund Trustee Co. Ltd. The details of the sale will be disclosed once the company executes a share purchase agreement.

In addition, state-run Bank of India is seeking buyers for a 27% stake in Star Union Dai-ichi Life Insurance Co. Ltd. as it exits noncore businesses, The Economic Times reported. The bank is hoping to net 12 billion rupees from the sale as it raises funds to boost its equity capital. Bank of India aims to retain a 2% stake in the life insurance venture following the proposed sale, which it expects to complete by the end of the financial year.

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