Taipei, May 31 (CNA) Singapore's DBS Bank has secured regulatory approval to raise the capital size of its Taiwanese unit in preparation for its acquisition of the United States-based Citigroup Inc.'s consumer banking business in Taiwan.
Fubon Insurance Co’s (富邦產險) board of directors on Tuesday approved a proposed capital increase to enhance the company’s risk-based capital ratio.
A capital injection of NT$15 billion (US$500.32 million) by the end of next month would help lift its risk-based capital ratio by 100 percentage points, the company said in a statement.
The ratio stood at 225.8 percent at the end of June, slightly above the regulatory minimum of 200 percent, it said.
Cathay Century Insurance Co (國泰世紀產險), CTBC Insurance Co (中國信託產險) and Tokio Marine Newa Insurance Co (新安東京海上產險) have already approved plans to boost their capital by NT$10 billion, NT$4 billion
China Life Insurance Co (中國人壽) and Tokio Marine Newa Insurance Co (新安東京海上產險) yesterday said they have formed a partnership to jointly promote and expand their insurance product offerings and market.
Property insurer Tokio Marine Newa is to train China Life’s about 15,000 sales agents, including helping them pass licensure tests to be able to register as Tokio Marine’s sales agents, the two companies told a joint news conference in Taipei.
The sales agents can then sell both China Life’s life insurance policies and Tokio Marine’s property insurance policies, including car, fire and travel insurance, the companies said.
Tokio Marine, which has