Sumitomo Life Insurance Co., Japan’s fourth-biggest life insurer, agreed to buy a stake in PT Bank Negara Indonesia’s life insurance unit for about 36.2 billion yen ($354 million) as it expands abroad.
Malayan Banking Bhd.’s Etiqa insurance unit is considering a bid for Indonesia’s PT Mega Life Asuransi Jiwa, people with knowledge of the matter said.
Sumitomo Life Insurance Co. is nearing a deal to pay about $375 million for a stake in PT Bank Negara Indonesia’s life insurance unit, according to two people with knowledge of the matter.
Malaysia’s economy expanded at the fastest pace in three quarters as exports recovered and domestic demand held up before Prime Minister Najib Razak raised fuel prices in September.
Malaysia held its benchmark interest rate for a 15th straight meeting to support economic growth even as inflationary pressures rise after cuts to state fuel and sugar subsidies.
Malaysia’s ringgit headed for a third weekly decline after U.S. data beat estimates, stoking speculation the Federal Reserve will start trimming its stimulus earlier than predicted. Bonds retreated.
Malaysia held its benchmark interest rate for a 14th consecutive meeting to support economic growth as higher fuel prices threaten private consumption and add to inflationary pressures.
Sumitomo Life Insurance Co. is among companies preparing to bid for a stake in the life insurance unit of PT Bank Negara Indonesia, according to two people with knowledge of the matter.
Goldman Sachs Asset Management LP boosted holdings of Malaysia’s ringgit and the Philippine peso in recent weeks, betting the prospect of interest-rate increases will spur appreciation.
Malaysia’s central bank Governor Zeti Akhtar Aziz said the ringgit could gain over time if the nation’s fundamentals remain strong, and predicted faster economic expansion in 2014.