Malaysia
Singapore to act against 4 key banks over 1MDB scandal
Singapore has announced plans to take action against four major banks, including a Swiss private bank, over their involvement with the scandal-ridden Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB).
Malaysian finance centre grows Asia Pacific footprint
The Labuan International Business and Financial Centre (IBFC) approved 16 new insurance and insurance-related licences in 2015 as it expanded its footprint in Asia Pacific.
Zurich signs $135m deal to buy Malaysian Islamic insurer MAA
Zurich Insurance has signed a deal to buy Malaysia’s MAA Takaful for $134.6m (£92.7m, €117m), giving Europe’s fifth biggest insurer a foothold in the world’s second largest Islamic insurance market.
Montpelier shuts KL office, transfers clients to 360
Malaysian-based financial advisory firm Montpelier has closed its troubled Kuala Lumpur office, transferred all client business to Labuan-regulated Three Sixty Financial (360) and parted ways with two former directors, Stuart Williamson and Diane Docherty.
Zurich enters takaful insurance with Malaysia’s MAA buy
Zurich Insurance is poised to buy Malaysia’ MAA Takaful after receiving regulatory approval.