IslamicFinance.de

U.S.-based MetLife will buy 51% stake and 49% stake in AmLife Insurance Berhad (AmLife) and AmFamily Takaful Berhad (AmTakaful), respectively, from Malaysia’s AMMB Holdings. The remaining parts of the firms will be owned by AMMB. The deal, worth $249 million, will help MetLife to expande its reach into the Southeast Asia insurance markets. The proposed transaction follows recent announcements from New York-based MetLife of the formation of a joint venture with Bank for Investment and Development of Vietnam and opening of a representative office in Myanmar. The deal is subject to regulatory approval.