Facebook Twitter LinkedIn Google Plus RSS

Prudential, Malaysian bank to purchase Uni-Asia Life Assurance for $160M

By ,

Prudential Insurance Co. of America, a subsidiary of Newark-based Prudential Financial Inc., announced Thursday it has reached an agreement with Malaysia-based Bank Simpanan Nasional to purchase Uni-Asia Life Assurance Berhad, also based in Malaysia.

The deal will see the two buyers purchasing all UAL shares for approximately $160 million. Following the transaction, Prudential will own 70 percent of UAL shares. The proposed acquisition is expected to close by the end of 2013.

According to the announcement, BSN is one of Malaysia's largest banks, with 397 branches, 3,593 registered banking agents, 8.22 million customers and total assets of more than $8.1 billion as of March.

Digital content editor Joe Ross is @joeross on Twitter.

Also Popular on NJBIZ

Write to the Editorial Department at editorial@njbiz.com

Related Stories

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy