Philamlife and BPI to form bancassurance joint venture

Aug 26, 2009

Philippine American Life and General Insurance Company is to acquire a 51% stake in Ayala Life Assurance, the life insurance subsidiary of Bank of the Philippine Islands.

Philippine American Life and General Insurance Company (Philamlife) is acquiring a 51% stake in Ayala Life Assurance, the life insurance subsidiary of Bank of the Philippine Islands (BPI), for an undisclosed amount. The acquisition will pave the way for a bancassurance joint venture between Philamlife, the Philippines' largest life insurance firm in terms of assets, and BPI. The joint venture is subject to regulatory approvals.

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