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CBL obtains regulatory approval to acquire French insurer

CBL Corp. Ltd. obtained regulatory approval to proceed withits NZ$150 million acquisition of France's Securities & FinancialSolutions Europe SA.

The company said Oct. 11 that it was granted regulatoryapproval for the acquisition from the Commissariat aux Assurances inLuxembourg. The approval satisfies the most significant outstanding conditionfor the transaction.

The two companies are now working toward completing otherrequirements and procedures for the acquisition. The transaction is expected tobe completed just before the end of 2016 or in early 2017.

As of Oct. 11, US$1was equivalent to NZ$1.42.