22 December 2014 Insurance

Generali acquires foothold in Malaysian market

Generali has agreed to acquire a 49 percent stake in Malaysian P&C insurer Multi-Purpose Insurans Berhad, a subsidiary of the Malaysian group headed by MPHB Capital for €81.4 million.

The agreement includes a call option exercisable in two years on an additional 21 percent stake of MPIB, which will enable the group to increase its holding to 70 percent of the company's capital.

Mario Greco, the group CEO of Generali, said: "Our entry into the Malaysian market marks an important step for Generali's development in Asia, an important area for the group's future growth and where we are already investing. Malaysia is a market which is significantly growing and offers great opportunities, especially in the P&C segment."

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