• 04 Apr

    FWD Group acquires 49 per cent stake in HSBC Amanah Takaful

     The acquisition marks FWD’s ninth market entry and it intends to rename the business FWD Takaful Berhad.


    Hong Kong-based FWD Group (FWD) has acquired HSBC Insurance’s (Asia Pacific) 49 per cent of stake in HSBC Amanah Takaful (Malaysia) Berhad.


    In a statement, FWD stated that it is now the largest shareholder in the joint venture and the existing takaful certificates issued under HSBC Amanah Takaful will continue to be honoured by FWD Takaful.


    Huynh Thanh Phong, the Chief Executive Officer of FWD Group, said, “We see huge potential for growth in Malaysia and I’m excited to work together with our new team in Malaysia to grow our business and footprint through long-term investment and implementation of our customer-led strategy.”


    The other shareholders are JAB Capital owning 31 per cent while Employees Provident Fund (EPF) controls 20 per cent.


    Additionally, the firm appointed Salim Majid Zain as the new chief executive officer at FWD Takaful.


    “FWD is looking at all development opportunities here and is committed to achieving new milestones together and bringing fresh experiences to our Malaysian customers,” Salim Majid Zain, the CEO of FWD Takaful.

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