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Response to Reuters’ Article “Prudential Malaysia Unit in Talks with KWAP to sell 30% Stake”

Ref No : 08 Mar 2018 Embargo : For immediate release    

This is with reference to Reuters’ article entitled “Prudential Malaysia Unit in Talks with KWAP to Sell 30% Stake” dated 7 March 2018.
Bank Negara Malaysia (BNM) would like to clarify that measures by some foreign insurers to rationalize their stakes in their local units are in relation to specific commitments that were given by the foreign insurers concerned when they applied for entry into the Malaysian insurance market. The Bank expects foreign insurers to honour these commitments.
It is not a recent directive by BNM or a new foreign ownership rule as implied in the article.

Bank Negara Malaysia
08 Mar 2018

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