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Genworth cleared by US foreign investment panel to merge with China Oceanwide

Genworth Financial Inc., an American insurance company, and China Oceanwide Holdings Group Co. Ltd. received clearance from the Committee on Foreign Investment in the U.S., or CFIUS, as part of their long-pending merger deal, the two companies said June 9.

CFIUS found no unresolved national security concerns in its review of the proposed transaction, the companies said.

Related to the CFIUS review, Richmond, Va.,-based Genworth agreed to use a domestic third-party service provider to protect its U.S. policyholders' personal data. The two companies had previously extended their merger agreement to July 1 to give the regulator some more time.

The deal still requires regulatory approvals in the U.S., China and other international markets. The companies said they are working with the relevant regulators to secure those approvals.