FWD Group (“FWD”) today announced that it has successfully completed the acquisition of HSBC Insurance (Asia Pacific) Holdings Ltd.’s stake in HSBC Amanah Takaful (Malaysia) Berhad.
FWD is now the largest shareholder in the joint venture and intends to rename the business FWD Takaful Berhad (“FWD Takaful”). All existing takaful certificates issued under HSBC Amanah Takaful will continue to be honoured by FWD Takaful.
“Malaysia represents another landmark market entry and strategic milestone in our journey,” said Huynh Thanh Phong, FWD Group Chief Executive Officer. “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.”
“I’m honoured to be leading FWD into an exciting new chapter in its history in Malaysia,” said Salim Majid Zain, FWD Takaful Chief Executive Officer. “FWD is looking at all development opportunities here and is committed to achieving new milestones together and bringing fresh experiences to our Malaysian customers.”