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Taiwan Regulator Greenlights Manulife Taiwan's Sale To CTBC Life Insurance
Vanessa Doctor
22 November 2013
The Financial Supervisory Commission of Taiwan has approved CTBC Life Insurance's proposal to acquire Manulife's Taiwan operations for NT$724 million ($24.04 million). The transaction, to be completed by 1 January 2014, is expected to help boost CTBC's total assets under management to over NT$200 billion, from the current NT$174 billion. It will also expand its client and policy numbers to 513,000 and 900,000, respectively. said that while it is selling its life insurance business to CTBC it remains committed to its Taiwan asset management business, which will not be affected by the transaction.