PANIN LIFE TEAMS UP WITH MAYBANK

Malaysia-based banking group Maybank has singed a memorandum of understanding (MoU) with Indonesia-based Panin Life about the acquisition of a 60% stake in the life insurer. The alliance is intended to offer both parties a route into the Indonesian bancassurance market. Panin Life also owns a 45% stake in Indonesian bank Panin Bank which has 262 branches in the country, while Maybank has three branches in Jakarta. “Ultimately, we aim to be one of the most cost-efficient insurance companies in Indonesia,” said Maybank chief executive Datuk Amirsham at the signing of the MoU.