MCIS MERGER WITH ZURICH MALAYSIA EXPECTED BY OCTOBER

The proposed merger between Malaysia-based MCIS Insurance and Zurich Malaysia, a subsidiary of Switzerland-based Zurich Financial Services (ZFS) is expected to be completed by October, subject to approval by the Central Bank Negara. Subsequent to the merger ZFS would hold a 30% stake in MCIS, according to MCIS chairman Wahiduddin Abdul Wahab. He claimed that the merged entity would be able to expand its services abroad, which was one reason why ZFS was selected as a partner. Another was that no domestic companies were deemed suitable, Mr Wahiduddin said. MCIS has 31 branches, 5,000 tied agents and 450 staff, with about 350,000 policyholders.