CGNU, the UK's largest insurer has agreed to pay £172m ($242m) for Singapore-based DBS Group's insur...
CGNU, the UK's largest insurer has agreed to pay £172m ($242m) for Singapore-based DBS Group's insurance business and struck a 10-year bancassurance pact with south-east Asia's largest bank, according to a report in the FT this morning. The UK insurer is acquiring the Insurance Corporation of Singapore (ICS), a life and general insurance business which DBS bought last year from the city-state's government. The bank will distribute CGNU products through its domestic branch network. A major announcement is expected tomorrow from Gordon Brown, Chancellor of the Exchequer, and Paul O'Ne...
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