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Taishin to buy Prudential's Taiwan unit for $187 million

08/11/2020 | 06:26am EST

Taiwan's Taishin Financial Holding Co Ltd has agreed to buy Prudential Financial Inc's Taiwan unit for T$5.5 billion ($187 million), Taishin said in a statement on Tuesday.

The U.S. insurer is exiting some Asian markets and in April sold South Korean unit to KB Financial Group Inc for $1.89 billion.

Taishin said its deal will require regulatory approval.

Prudential's Taiwan unit held assets worth T$165.55 billion in 2018 and has operated in the market for nearly 30 years.

($1 = 29.3740 Taiwan dollars)

(Reporting by Ben Blanchard and Emily Chan; editing by Jason Neely)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
KB FINANCIAL GROUP INC. 0.11% 44100 End-of-day quote.1.61%
PRUDENTIAL FINANCIAL, INC. -2.56% 79.2 Delayed Quote.4.03%
TAISHIN FINANCIAL HOLDING CO., LTD. 0.79% 12.8 End-of-day quote.-3.40%
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