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Two Hong Kong insurers agree to merge their general insurance business

Posted On: Sep. 30, 2022 9:55 AM CST


Hong Kong-based insurer China Merchants Insurance Co. Ltd. has agreed to transfer its general insurance business to CMB Wing Lung Insurance Co. Ltd., a wholly owned subsidiary of CMB Wing Lung Bank Ltd., Asia Insurance Review reported. CMB Wing Lung will issue over 9 million new shares to CM Insurance, as part of the deal, thereby providing the latter with over 25% shareholding in CMB Wing Lung.