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Thai Life Insurance to buy 35% stake in Myanmar insurer

Thai Life Insurance PCL will acquire a 35% stake in Myanmar's Citizen Business Insurance in a deal that would make it the first insurer based in the Association of Southeast Asian Nations to venture into the country, Bangkok Post reported Aug. 16, citing a statement.

The company reportedly did not disclose the financial details of the transaction.

Also, Thai Life on July 31 received approval from Myanmar's Planning and Finance Ministry to set up a joint venture with Citizen Business Insurance. The companies aim to complete the joint venture deal by October, according to the report.