Fubon Financial Holding Co (富邦金控), the nation’s second largest financial services firm, yesterday struck an agreement with ING Greup NV to acquire its Taiwanese subsidiary, ING Antai Life Insurance Co (安泰人壽), for US$600 million, a deal that will substantially expand Fubon’s map in the insurance sector.
Fubon Financial president Victor Kung (龔天行) lauded the acquisition as a bargain because the purchase price was only 71 percent of ING Antai’s equity value as of June 30, or what Kung called “a 29 percent discount.”
The transaction will be partly financed through issuance of 5 percent of new Fubon shares — common shares as well as tier 2 qualifying subordinated debt securities — to ING Antai, Kung said, adding that Fubon Financial would pay the rest in cash.
The acquisition, expected to close in the first quarter of next year, will add 2.2 million customers to Fubon’s 6.5 million customers and make its Fubon Life Assurance Co (富邦人壽) the second largest in Taiwan by premium worth.
Fubon Financial chairman Daniel Tsai (蔡明忠) said the deal would create a stronger and more balanced financial platform for his company to provide comprehensive financial products and services to its customers.
“We look forward to leveraging ING Antai’s agency productivity, strong market recognition and customer loyalty in exploring future growth potential in Taiwan,” Tsai said in a joint statement.
The announcement of the acquisition boosted Fubon shares, which closed at their upper limit of 6.72 percent, or NT$1.2, to NT$19.05, the stock’s first gain in four days.
Hans van der Noordaa, chairman and chief executive officer (CEO) of ING Insurance Asia/Pacific, expressed delight at the transaction, saying he saw in Fubon a strong owner “whose existing life business complements our Taiwanese life insurance operations.”
Established in 1987, ING Antai is a 100 percent subsidiary of ING Groep NV and the fourth-largest life insurer in Taiwan, commanding a 7.3 percent market share last year.
Chee Cheong, regional CEO for Greater China at ING Insurance Asia/Pacific, said ING would continue to be active in Taiwan through ING Funds, which comprises onshore and offshore fund management operations, ING Real Estate Investment Management and ING Wholesale Banking.
Fubon Financial vice chairman Richard Tsai (蔡明興) said he expected the transaction to be profit-accretive to Fubon.
“ING Antai’s strong agent network will greatly enhance Fubon’s distribution capabilities,” Richard Tsai said. “In addition, ING Antai’s heavier focus on traditional life policies will be complimentary to Fubon’s current product mix.”
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