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Executive Council convener Bernard Charnwut Chan urged all Mandatory Provident Fund operators to improve their governance standards, warning that his own experience showed it was better to go the extra mile than draw the scrutiny of regulators.
Asia Financial Holdings, which owns one of the largest general insurers in Hong Kong and is headed by the city’s executive council convenor Bernard Chan, reported a 105.5 per cent profit increase in the first half of the year.
The deal marks the second purchase of a Hong Kong-based insurer by a mainland firm in the past two weeks
Asia Financial Holdings, the city-based investment holding company that focuses on financial businesses, is planning to use the HK$1 billion (US$130 million) it earns from the disposal of its holdings in Hong Kong Life for a special dividend or other acquisition opportunities, according to a top official.
The HK$7.1 billion takeover of Hong Kong Life boost share price of Asia Financial, Chong Hing Bank
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Hong Kong Life Insurance, an insurer owned by five Hong Kong financial institutions, was sold to First Origin International for HK$7.1 billion.
Hong Kong Life, a joint venture life insurance company owned by five financial firms, is drawing particular takeover interest thanks to its business portfolio and bank branch network. Its corporate history can also illustrate how a group of smaller lenders can join hands to compete with bigger players.